Rutgers Selling Athletic Facility Naming Rights
Rutgers is selling naming rights to their athletic facilities. Is there a company you would like to see? Or is this a bad idea all together?
Rutgers University has decided to sell naming rights to their football and basketball facilities in an effort to increase revenue for the athletic department.
When Tim Pernetti was hired as athletic director, he promised to change the way the department did business. He promised to find ways to generate new revenue that would help support the entire athletic department.
Selling naming rights is an excellent way to do this.
This is strictly a decision to provide financial independence to the Rutgers athletic department. According to reports, during the 2008-09 school year, Rutgers’ athletic revenue was $159,641 more than its expenses. While that looks and sounds good, nearly $18 million of that was state subsidy.
Pernetti sees the problem as a revenue issue.
“I don’t feel like we have an expense problem; we have a revenue problem.” the athletic director said.
Now that the football stadium, currently called Rutgers Stadium, has expanded and plans for renovation of the Rutgers Athletic Center have been introduced, money can be made.
While selling naming rights has not yet become the norm in college sports, it has been successful at some schools.
There will be people that do not like the idea. People will say “This is the birth place of college football, it should always be called Rutgers Stadium.” Nobody said it can’t still be called Rutgers Stadium. That is a possibility.
Capital One paid Maryland University more than $25 million for the naming rights to Capital One Field at Byrd Stadium. So who’ to say our state university won’t end up with something like Verizon Field at Rutgers Stadium?
Maryland also got $20 million from Comcast for naming rights to the schools basketball arean.
This opportunity opens the door for future investments as well. Louisville negotiated a deal in the early 90’s with Papa John’s for naming rights for their football stadium. Through time, the company has also provided other donations to help with new facilities for every sport Louisville offers.
These types of deals can also be used for athletic scholarships and general athletic department funds.
Brooklyn Sports & Entertainment is teaming up with IMG College as co-sales agents for this project.
Which companies would you like to see get naming rights to Rutgers Stadium and Rutgers Athletic Center?
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