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Last updated on Tuesday, June 5, 2012
(INDIANAPOLIS) - Indiana State Fair officials announced Monday that talks with PepsiCo about the naming rights of the coliseum broke down over the weekend.
The Pepsi Coliseum is set to be renamed following the breakdown.
According to State Fair Spokesman Andy Klotz, PepsiCo had until June 1 to respond to a proposed increase in the fee for naming rights to the fair's iconic coliseum.
PepsiCo has paid the Indiana State Fair nearly $200,000 a year to have its name atop the building for 21 years.
The fair was reportedly asking for $500,000 in fees each year. Officials argue the increase is comparable to what similar facilities have charged for naming rights.
Pepsi has naming rights until Dec. 31, 2012. They can continue negotiations up until that point, but the company said it'll pass on naming rights for 2013.
The building is expected to undergo a $53 million renovation and play host to concerts by 2014.
Fair officials say several companies have already approached them about becoming the coliseum's title sponsor.
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