Rutgers Sees Big Increase In Value With New Stadium Naming Rights
Rutgers has "signed a new naming-rights deal" for its football stadium with New Jersey-based IT solutions provider SHI Int'l in a multiyear partnership, and its value in Year 1 more than doubles the "previous stadium naming-rights amount" with High Point Solutions, according to Keith Sargeant of the Newark STAR-LEDGER. A source said that the contract is for seven years, starting at $1.25M per year in '19-20 and "increasing by $100,000 annually" to $1.85M in '25-26. Rutgers' deal with High Point was for $600,0000 annually. Rutgers' deal for SHI Stadium comes "three weeks after its eight-year deal with High Point Solutions expired." Rutgers' naming-rights deal with High Point Solutions was worth $600,000 annually, so Rutgers AD Pat Hobbs essentially "more than tripled it in Year 7" with a $10.85M guarantee (Newark STAR-LEDGER, 7/20).