High Point Solutions Signs 10-Year Deal To Title Rutgers' Football Stadium
New Jersey-based High Point Solutions "has entered into a 10-year naming rights deal for Rutgers Stadium, with a press conference set" for today to officially announce the partnership, according to Tom Luicci of the Newark STAR-LEDGER. HPS, an Internet hardware supplier, "will start by paying Rutgers $650,000 annually for the naming rights in an agreement that includes escalating financial clauses that could raise the deal" closer to $1M per year. Brooklyn Sports & Entertainment and IMG College brokered the deal on behalf of Rutgers. HPS also has naming rights to Qunnipiac Univ.'s on-campus arena, and is an IT partner of Barclays Center (NJ.com, 6/20). In Newark, Vorkunov & Luicci report it "took only one meeting" between HPS and Rutgers officials in March "to reach a deal in principle" that will rename the venue High Point Solutions Stadium. Rutgers AD Tim Pernetti said, "We feel really, really good about it, not only given the climate but also because we were being picky about a partner." HPS co-Founder Mike Mendiburu: "This is our first football sponsorship and our first stadium. I think it’s a win-win. It’s a win for New Jersey, it’s a win for Rutgers, it’s a win for High Point." Vorkunov & Luicci note the "name of the game for Rutgers has become financial independence for its athletic department." During the '08-09 school year, Rutgers' athletic revenue "was $159,641 more than its expenses." Still, Pernetti said, "I don’t feel like we have an expense problem; we have a revenue problem" (Newark STAR-LEDGER, 6/21). More Pernetti: "Based on our expectations, I think we ended up in a good place" (MYCENTRALJERSEY.com, 6/20). CBSSPORTS.com's Chip Patterson wrote the deal "would be considered a win for Pernetti" (CBSSPORTS.com, 6/20).