Sports BIZ Briefs

CLEVELAND (Ticker) -- The Cleveland Indians sold the naming rights of their ballpark Friday, reaching a 16-year agreement with Progressive Auto Insurance. The Indians announced that their ballpark, formerly known as Jacobs Field, will be called Progressive Field. The Cleveland-based car insurance company will annually pay the Indians approximately $3.6 million as part of the contract - a total of nearly $57.6 million. Jacobs Field, commonly known as "The Jake" opened in 1994 and was named for former team owner Richard Jacobs. When the team was sold in 2000, it was agreed that the naming rights would expire in 2006, allowing the team to seek a buyer.