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Penn Sells Naming Rights To Court At Palestra To Macquarie

The Macquarie court deal at the Palestra is Penn athletics' largest sponsorship ever GETTY IMAGES

The Univ. of Pennsylvania has "sold the naming rights to the court at the Palestra" to global financial conglomerate Macquarie in a multiyear deal, according to Jonathan Tannenwald of the PHILADELPHIA INQUIRER. The name of the building "isn't changing, but when you go to games there, you'll hear the public address announcer say 'Macquarie Court at the Palestra.'" The deal "will boost the Penn basketball teams' budgets, and boost a range of community service programs that the athletic department runs." Penn AD Grace Calhoun "wouldn't disclose the amount of money changing hands, or the exact length of the deal." However, she said it is "far and away the largest sponsorship Penn athletics has entered into, and one that we feel is really going to visibly change the way we're able to sponsor our programs." But Calhoun acknowledged that there is a "backlash among longtime fans of not just the Quakers, but the rest of the Big 5." She said the school was "clear" with JMI Sports, which secured the deal for Penn athletics, that "it would take the right partner that we felt really good about to want to give away that asset." Calhoun: "We will never name the Palestra anything other than the Palestra. There are things like that which we just won't do" (PHILLY.com, 10/30). In Philadelphia, John George noted the Macquarie logo will be "permanently displayed" on the court. The company, which is based in Australia and keeps its U.S. HQ in Philadelphia, also will serve as "presenting sponsor of Penn men's and women's basketball" (BIZJOURNALS.com, 10/30).

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