The Univ. of Memphis (UM), the city of Memphis and Shelby County "have reached the basis of an agreement to share revenue from the sale of naming rights for" Liberty Bowl Memorial Stadium and The Pyramid, according to UM AD R.C. Johnson and cited by Zack McMillin of the Memphis COMMERCIAL APPEAL, who writes that the two facilities "could have new identities" in '02-03. Johnson said that UM "has already been approached by two entities interested in securing the naming rights," and his staff and major UM donors "are preparing to lead a process that would add a significant revenue boost." McMillin reports the agreement "is a part of broad-ranging negotiations between" UM and city and county government over UM's use of the two facilities. In addition, UM "will receive a boost in its share of advertising revenue and concessions" at The Pyramid. At the Liberty Bowl, UM and city officials have a basis for an agreement that allows UM to sell skyboxes and receive that revenue, as well as receiving more revenue from parking. Johnson said that UM "has contacted marketing agencies with experience in selling naming rights," but "has no idea" of a potential asking price for the venues. However, Johnson adds that UM's share of The Pyramid's naming-rights revenue "would likely be contingent upon the structure of a deal." McMillin: "For instance, a corporation might want to front-load the naming rights fee based on the fact that the building is currently being shared with the NBA's Grizzlies" (COMMERCIAL APPEAL, 11/6).
