Indiana University has entered into the school’s first-ever naming rights agreement for Memorial Stadium.
After decades of avoiding commercial field sponsorship, the Hoosiers have partnered with Merchants Bank of Indiana for a $50 million, 20-year deal to name the field inside of Memorial Stadium: Merchants Bank Field at Memorial Stadium.
According to the Indy Star, the $50 million will be paid out in installments throughout the 20-year deal. Indiana will debut the field’s new name at its home opener on Aug. 30 against Old Dominion. ‘Merchants Bank’ signage and logos will be displayed both on the playing surface but also in branding around the field.
IU reportedly spent over a year in negotiations with potential partners before choosing Merchants Bank.
“This agreement is another example of how IU Athletics is positioning the university for success in the new world of college sports,” said IU President Pamela Whitten. “We’re particularly grateful that Merchants Bank will contribute not just to the on-field success of our teams, but to our student-athletes’ success in life.”
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According to Hoosier Huddle, the deal goes beyond naming rights as well. Merchants Bank will offer student-athletes financial literacy training focused on both NIL and revenue sharing, but their lifelong finances as well.
“We put a tremendous value on who we partner with as an athletic department, and that is particularly true when it comes to a facility as iconic as Memorial Stadium,” said IU vice president and director of athletics Scott Dolson. “That’s what made Merchants Bank an ideal fit for this opportunity. Michael Petrie, Chairman of Merchants Bank, and his entire team share our commitment to this great university and the student-athletes who proudly represent it. In addition, the Merchants Bank team is dedicated to supporting our student-athletes’ chances to maximize their opportunities in the new landscape of intercollegiate athletics. This is an exciting day for everyone associated with our department and Indiana University.”
