No less than an appearance by Maryland governor Robert L. Ehrlich underlined the importance of the $20 million sponsorship agreement announced Thursday between the University of Maryland and Chevy Chase Bank.
Under the 25-year deal, the Terrapins’ football stadium will be known as Chevy Chase Bank Field at Byrd Stadium, with the funds going toward an estimated $50 million that will be spent on stadium renovations planned to be completed for the 2009 and 2010 seasons.
“The coach is the expert here, but we all know what contemporary major college athletics is like,” said Ehrlich at a news conference Thursday alongside Maryland athletic director Debbie Yow, Maryland president C.D. Mote, Jr., Chevy Chase Bank chairman and CEO B. Francis Saul II and Terrapins football coach Ralph Friedgen. “If you want to compete at this level in this conference, and you want Ralph not having people not laugh when he talks about a national championship – which they do not – you need this.”
The deal is the first off its kind in the Atlantic Coast Conference. The name Chevy Chase Bank will appear a number of places inside the stadium and on the field.
Planned stadium improvements include 50-60 luxury suites, mezzanine seating and renovation of Tyser Tower, which will raise the stadium’s overall capacity by 2,000-3,000, said associate athletic director Brian Ullman.
Yow said the expectation is a design firm will be selected in October. HOK Sport designed previous Byrd Stadium improvements and is considered the favorite to win the job, according to the Sports Business Journal.
“Really, it’s a dream of mine,” said Friedgen, who is entering his sixth season with the Terps. “When I got here the first day at the press conference, my thoughts went to expanding, and I had this vision a long time ago, and now it’s coming to fruition.”
Maryland made a 25-year, $25 million deal with Comcast for the naming rights and floor logo rights for Comcast Center in 2002.
Sponsorship ahead of college curve
Naming-rights deals for stadiums are nothing new in the professional ranks, but they remain a rarity at the college level.
Papa John’s Pizza owner John Schnatter contributed $5 million to secure the rights to Louisville football’s Papa John’s Cardinal Stadium in 1998.
TCF Financial recently struck a $35 million, 25-year deal with the University of Minnesota. The deal provides TCF with exclusive naming rights for the stadium, to be called TCF Bank Stadium, where the Gophers are expect to move when the Metrodome lease expires in 2011.
— Craig Stouffer
