The University of Maryland has agreed a new naming rights deal with credit union SECU for the venue formerly known as Capital One Field at Maryland Stadium.
The 10-year contract to rename the facility SECU Stadium is set to take effect from October 1, as the Maryland Terrapins host Michigan State for their Big Ten Conference home opener to the college football season.
SECU will pay Maryland Athletics a guaranteed $11m (£9.65m/€11.02m), including a $2.5m gift that will support programs and facilities, like construction of the Barry P. Gossett Basketball Performance Center. Additionally, the agreement includes variable compensation that is estimated to net Maryland Athletics another $300,000 to $400,000 annually.
The new agreement was made possible when Capital One agreed to relinquish its naming rights of the 51,802-capacity stadium, which were scheduled to run through 2032.
SECU will be the official banking partner of the Maryland Terrapins, with the partnership to also include benefits for the entire campus. SECU will co-present financial wellness workshops for faculty and staff, and will partner on the creation of a new financial literacy course for all students.
Additionally, Maryland Athletics will amplify SECU’s Kindness Campaign, a project designed to inspire acts of service throughout local communities.
Damon Evans, the University’s director of athletics, said: “From the very beginning, we aligned with SECU on goals and objectives, and more importantly, our values. It is our intent to use this partnership to do good for our student-athletes, our university and our communities.”
Dave Sweiderk, president and CEO of SECU, added: “As Maryland’s largest credit union, SECU takes great pride in partnering with Maryland Athletics and the entire university.
“Together, we are not only united in our love for Maryland but also in our commitment to positively impacting the people and communities we serve. As we continue to grow, it is important for SECU to give back to our communities and uphold our dedication to education and financial wellness.
“That’s why we are pleased to contribute to the enduring vitality of UMD, while helping its more than 40,000 students, 14,000 faculty members and Maryland’s next generation of leaders set a foundation for financial success.”