Student Loan Company Pulls USF Sun Dome Naming Rights Offer
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Academic Financial Services Pulls
Naming-Rights Offer For Sun Dome |
Tampa-based student loan company Academic Financial Services has pulled a multimillion-dollar offer for the naming rights to the Univ. of South Florida’s (USF) Sun Dome as “questions continue to dog [CEO Wayne Morgan] about his criminal background,” according to Jeff Testerman of the ST. PETERSBURG TIMES. The deal, which would have provided USF up to $2.99M over five years, was brokered by Tennessee-based Action Sports Media (ASM), which won the rights “after providing $1.8[M] in video scoreboards to USF.” However, due to the “scrutiny of corruption in student loan companies nationwide, USF officials balked at signing Academic Financial.” Sun Dome Inc. President Steven Oscher, whose group manages the arena, said, “I applaud their decision, but this has never been about AFS or Mr. Morgan. Our concerns have always been about the student loan industry, and the implications about the university and the Sun Dome.” Testerman notes ASM stood to gain 30% of the revenue from the deal. ASM CFO Jerry Felix said he was unaware of the decision and declined comment (ST. PETERSBURG TIMES, 7/18).
KENT ARENA: The PUGET SOUND BUSINESS JOURNAL’s Jeff Meisner reports New York-based software maker Amiga’s 20-year, $10M offer for the naming rights to a proposed arena in Kent, Washington, “may be in jeopardy because of concerns over money and terms.” Past financial problems at the company have both city of Kent and WHL Seattle Thunderbirds officials “worried that the company won’t be able to deliver” on the deal. Kent and the Thunderbirds want Amiga “to deposit $2.5[M] into an escrow account before the July 30 groundbreaking to show Amiga can meet its financial commitments.” Also, Amiga wants to approve advertising by tech companies in and around the arena, which the city and team claim is “unreasonable” (PUGET SOUND BUSINESS JOURNAL, 7/13 issue).
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