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Syracuse's Undervalued Naming-Rights Deal With Carrier Looking Worse Each Year

The "innovative fundraising idea" that Syracuse Univ. had for selling naming rights to the Carrier Dome in the late '70s looks "worse with each passing year, as more schools have begun selling naming rights for increasing prices," according to Chris Carlson of the Syracuse POST-STANDARD. The school and Connecticut-based Carrier Corp. announced a deal in early '79 that "named the stadium in exchange for a gift" of $2.75M, helping the school toward a fundraising goal of nearly $12M. While the exact terms of the deal "have never been publicized, it's been reported frequently that the deal is a lifetime agreement." A recent study by a trio of university professors also showed the average naming-rights agreement in college sports "is currently worth about $800,000 annually." Syracuse has "received what has worked out to an average of $78,571 from Carrier over 35-plus years." The study "estimated that the value of a new naming rights deal at the Carrier Dome would be worth more than" $1M annually. But even without a lucrative naming-rights deal, Syracuse made "an all-time high profit" of $19.8M on athletics during FY '14-15, the sixth-highest figure in the country. Being able to forge a new naming-rights deal "would only add to the school's financial strength" (Syracuse POST-STANDARD, 5/3).

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