LOUISVILLE, Ky.–In a $40-Million-plus deal, L&N Federal Credit Union has purchased naming rights to the University of Louisville’s Cardinal Stadium.
The stadium is now known as L&N Federal Credit Union Stadium, or L&N Stadium, for which the credit union will pay UofL's athletics department $41.3 million over 20 years, according to an agreement approved by UofL's board of trustees at a special meeting and reported by WDRB.
The report noted L&N FCU is already one of the biggest corporate sponsors of University of Louisville athletics, and already has naming rights to the university’s volleyball arena, a 2019 deal that was extended and incorporated as part of the stadium deal. L&N was also the primary donor to Denny Crum Hall, a new athletics dormitory named for the Hall of Fame basketball coach, WDRB added.
‘Visible Sign of Commitment’
“We are proud to have the L&N name on the stadium as a visible sign of our commitment to the Louisville community and the University," said L&N FCU CEO Chris Brown. "L&N has been a long-standing partner with the University and, ironically, the credit union had its start on the same site as the stadium in 1954. This long-term commitment strengthens our relationship into the future. We are aligned with (U of L athletics director) Josh Heird’s vision and it’s our honor to be associated with a great program.”
L&N will owe annual payments beginning this year at $1.7 million, with each payment growing by 2% annually until reaching about $2.5 million in 2042, according to the report.
The stadium seats 60,000-seat people.
Papa John’s Name Removed
It was formerly known Papa John's Cardinal Stadium until July 2018, when then-U of L President Neeli Bendapudi decided to remove the reference after Papa John’s founder John Schnatter admitted use of a racial slur during a private conference call.
In 2019, U of L agreed to pay Schnatter $9.5 million over five years to relinquish his naming rights, which were contracted through 2040, the report added.
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