Published: Jul 27, 2010 3:48 PM EDT
Updated: Jul 28, 2010 4:30 AM EDT

JACKSONVILLE, Fla. (AP) — The Jaguars got a much-needed financial boost Tuesday, striking a five-year deal with EverBank that includes changing the name of Jacksonville Municipal Stadium to EverBank Field.

Jacksonville City Council president Jack Webb said the deal would be worth $3 million in its first year and escalate to $3.5 million in its fifth year. The team will keep all the money.

The Jaguars had been seeking about $5 million per year for naming rights.

A previous agreement between the team and city said the city would keep 25 percent of the money from the sponsorship deal, but Webb said Jacksonville is giving that up while continuing to be responsible for stadium upkeep. The agreement must be approved the council.