The University of Colorado and Colorado State University are both looking to generate some revenue by selling the naming rights to their stadiums.

The Denver Post reports that the two schools are seeking either corporate sponsors or a philanthropic donor. It remains to be seen what the Colorado schools will get for the naming rights to their stadiums, but the strategy isn’t new for college teams.

Grocery chain Albertson’s will pay Boise State $12.5 million over the course of 15 years for naming rights to the Bronco’s stadium. In the Pac-12, the University of Washington will get $41 million over 10 years from Alaska Airlines, and the University of Southern California will take home $70 million over 15 years from United Airlines.

CSU athletic director Joe Parker said his team will be looking for a partner that will commit to at least 10 years. “You don’t want to get into a three-, four- or five-year cycle where you’re changing the name of the stadium,” Parker told the Post. “You want a company that’s reputable. You want a business that’s in a market segment that everyone in higher education would feel good about.”

Parker said any funds generated through the naming rights to CSU’s $220 million stadium will be set aside in a “rainy-day fund.”

CU’s facility has been called Folsom field, after coach Frederick Folsom, since 1944. CSU’s field was named Hughes field in 1968 after coach Harry Hughes. 

Andy Berg is Executive Editor of Athletic Business.