Maryland announces new partner for $11 million football stadium naming rights deal, replacing current name

The University of Maryland Maryland athletics division on Friday introduced it is offered the naming rights to its football stadium to credit score union SECU for a minimum of $11 million for the following 10 years. The stadium will formally be renamed SECU Stadium on Oct. 22

Via a Maryland press launch:

In addition to the official partner designation, the ability beforehand referred to as Capital One Field at Maryland Stadium might be renamed SECU Stadium and can debut on Oct. 1, 2022 as Maryland Football hosts Michigan State for its Big Ten house opener.

The 10-year partnership will even embrace advantages for your complete campus. SECU will co-present monetary wellness workshops for college and workers and can partner on the creation of a new monetary literacy course for all college students. Additionally, Maryland Athletics will amplify SECU’s Kindness Campaign, a venture designed to encourage acts of service all through our communities.

Among that complete is a $2.5 million reward towards Maryland’s deliberate $40 million standalone Barry P. Gossett Basketball Performance Center, to be constructed subsequent to Xfinity Center. SECU will even present monetary literacy and wellness packages for athletes, different college students and workers, and partner with Maryland on different charitable works.

“SECU’s a neighborhood firm with native roots, been round for about 70 years. Their values ​​are in alignment with the values ​​that we now have, particularly from a neighborhood service standpoint,” Maryland athletic director Evans instructed InsideMDSports.

There are some incentives within the contract. Evans expects the worth of the deal to be price $14-15 million all instructed, with an anticipated annual $300,000-$400,000 in variable compensation.

In order to make the take care of SECU (pronounced “see-cue”)although, Evans needed to extract the college from an present naming rights take care of Capital One Bank, which — then doing enterprise as Chevy Chase Bank — signed a 25-year, $20 million take care of the college in 2006. That cash was paid largely upfront, a transfer by then-athletic director Debbie Yow to deal with main budgetary shortfalls that had ballooned below her watch.

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“I’d firstly thank Capital One. Because they have been a very good partner. And when you’ve gotten good partnerships like we have had, you are in a position to do some issues like this. Yeah, this isn’t the norm, let’s simply be candid, that individuals will say, ‘Yeah, we’ll relinquish the rights for you to maneuver ahead,'” Evans mentioned. “The gist of that deal, we weren’t producing any income off that deal for the rest of it … I can not thank them sufficient, to permit us to maneuver ahead on this method, to have the ability to attempt to drive some income.”

Why did Capital One let Maryland off the hook for the remaining 4 years? The firm wasn’t targeted on the naming rights within the first place; it signed the 2006 deal largely to get campus-wide exclusivity when it comes to banking and ATMs. It was additionally early within the naming rights period, and to get each stadium and area naming rights is extremely uncommon, he mentioned Dan Shell, vp of United Talent Agency, who helped facilitate the deal.

“It actually was amicable,” he mentioned of the dissolution of Capitol One’s naming rights deal, including that the size of the deal and the quantity Maryland will obtain “are very aggressive” within the current panorama.

“It was a easy transition,” he mentioned.

Every further greenback helps Maryland, which has a number of the lowest football revenues within the football-wealthy Big Ten Conference.

“For us to have the ability to drive income on an asset that wasn’t producing any income … We must drive income on the University of Maryland to have the ability to sustain with our Big Ten counterparts,” Evans instructed IMS.

Dave Sweider, SECU’s president, mentioned within the launch: “As Maryland’s largest credit score union, SECU takes nice pleasure in partnering with Maryland Athletics and your complete University, one of many nation’s prime public universities. Together, we aren’t solely united in our love for Maryland but in addition in our dedication to optimistic impacting the folks and communities we serve.

“As we proceed to develop, it is necessary for SECU to provide again to our communities and uphold our dedication to training and monetary wellness. That’s why we’re happy to contribute to the enduring vitality of UMD, whereas serving to its greater than 40,000 college students, 14,000 college and workers members, and Maryland’s subsequent era of leaders set a basis for monetary success.”

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