Univ. Of Phoenix Parent Paid $7.3M For Naming Rights In FY '15

Univ. of Phoenix parent company Apollo Education Group paid approximately $7.3M in the FY ending Aug. 31 for naming rights to the NFL Cardinals' stadium in Glendale, Ariz., according to the company's Annual Report on Form 10-K filed with the SEC last week.

The agreement, signed in September '06, includes naming, sponsorship, signage, advertising and other promotional rights and benefits. The initial term is in effect until '26, with options to extend. Pursuant to the agreement, the company paid $5.8M for the '06 contract year, with the payment increasing 3% per year until '26. As of Aug. 31, the remaining contractual obligation pursuant to this agreement is $94.1M. Other payments apply if certain events occur, such as if the Cardinals play in the Super Bowl or if all of their regular-season home games are sold out.