FORT COLLINS, Colo. (CBS4) - Colorado State University announced on Thursday that they have sold the naming rights for their new on-campus football stadium in Fort Collins.
The university has sold the rights to Public Service Credit Union in a $37.7 million deal.
"We wanted a partner who believes and invests in our mission, and our vision, for CSU, and our students," said CSU spokeswoman Amy Parsons. "We have that with Public Service Credit Union."
An executive from the credit union said the deal was only agreed on for 15 years, but he planned to keep the partnership for decades to come.
Athletic Director Joe Parker, in his third year with the university, said the financial partnership agreement would allow the university to maintain the new facility, while also providing Head Football Coach Mike Bobo a venue to better recruit athletes.
"That is a wonderful step to really putting this facility on strong financial footing as we move forward," Parker said.
The university said that due to a previous donation the field would still remain named after former head coach Sonny Lubick. Lubick has a longstanding relationship with the university, and is a business associate with the credit union. The credit union said they had reached a deal with the university for the naming rights, prior to consulting with him about the possibility.
"Our stadium will carry the name of a Colorado-based business that shares our commitment to creating opportunity and opening doors for people at all income levels," CSU President Tony Frank said in a prepared statement.
Demolition is currently underway on the old Hughes Stadium, which lies on the west side of town.
Dillon Thomas is a reporter at CBS4 and a Colorado native. He believes everyone has a story, and would love to share yours! You can find more of his stories by following him on Twitter, @DillonMThomas.
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