UPDATE - The Salt Lake Tribune is reporting the deal is worth between $1.5 and $2 Million a year for 15 years with estimates it will turn around $3.5 Million in profit annually within the next two years.

The Dick Sporting Good’s deal with the Colorado Rapids is reported to be 20 years long, while Toronto FC (BMO Field) and the Chicago Fire (Toyota Park) have 10 year deals.

Real Salt Lake, along with owner Dave Checketts and operator SCP Worldwide, announced the official name of their new home in Sandy, the Rio Tinto Stadium.

Rio Tinto, the parent company to Kennecott Utah Copper, Kennecott Land Company and Kennecott Exploration, has signed a multi-year naming rights agreement ahead of Real Salt Lake’s home opener next Thursday against the New York Red Bulls on ESPN2.

“With Rio Tinto, we have found a very special sponsor with deep local ties and one who shares the unique vision for what this Stadium provides,” said Dave Checketts, Chairman of SCP Worldwide, Real Salt Lake’s ownership group. “Rio Tinto and the Kennecott Utah Companies exemplify that vision with their collective commitment to our Utah community, the perfect match for what Rio Tinto Stadium represents.”

Rio Tinto has been operating as a world leader in mining and exploration for 130 years and as the second largest copper producer in the United States, Kennecott provides about 13 percent of this country’s copper needs with the Kennecott Bingham Canyon Mine being the largest man-made excavation in the world.

“This is a tremendous opportunity to work with Real Salt Lake and have Rio Tinto’s name on this world-class facility,” said Andrew Harding, President, Kennecott Utah Copper. “At Kennecott Utah Copper, we are part of something bigger. We are part of Rio Tinto, and we are part of this community. Through this opportunity, Rio Tinto and Kennecott can continue to educate the public about the importance mining plays in modern life, reach out to local youth through soccer clinics and other community events, and continue our long-standing commitment to Utah.”