(October 8, 2011) Mercedes-Benz and its three pointed star are setting roots down at the Louisiana Superdome, home of the New Orleans Saints, through a 10-year agreement that provides official naming rights among other sponsorship benefits including being named the Official and Exclusive vehicle of the New Orleans Saints.

The newly named Mercedes-Benz Superdome is playing host to several upcoming premier events including 2012 NCAA men's final four basketball tournament and the BCS championship football game in addition to the 2013 Super Bowl.

"The joining of the Mercedes-Benz brand with the world-class Saints organization and the Superdome, an iconic destination which has undergone an incredible transformation over the past six years, is a significant moment for us, the City of New Orleans and the State of Louisiana," said Ernst Lieb, President and CEO of Mercedes-Benz USA.

"Our commitment over the next decade is to the Saints fans, team, and this famous community as it flourishes beyond anyone's expectations."

This is the first naming rights deal in the U.S. for the luxury car maker and also for the legendary New Orleans sports and exhibition stadium, which recently completed a six-year $336 million renovation project that is positioning the stadium as a premier destination for major events for years to come.

Financial terms of the 10-year deal were not released.

The Times-Picayune of New Orleans, citing sources, said the deal is worth between $50 million and $60 million.

The New York Times reported that the money is earmarked to replace most or all of the subsidies that the state of Louisiana pays the team.

Under a previous lease that expired in 2009, the Saints received a total of $186.5 million from the state. Under the new lease, the annual payments are capped at $6 million. The Saints obtained the right to sell the naming rights in their current lease, according to The Times.

Sources: Mercedes-Benz USA, Automotive News