Rutgers AD Hopes Naming-Rights Deal Will Help Stop Athletics Deficits
Rutgers AD Pat Hobbs said that his priority after bringing on SHI Int'l as the school's football stadium naming-rights partner is to use the money from this deal to help the school's athletics "meet financial targets and pull the department out of yearly deficits," according to Ella Brockway of the ASBURY PARK PRESS. Rutgers' deal with the technology services provider is "set to last seven years," beginning at $1.25M per year and "increasing by $100,000 annually" to $1.825M by the '25-26 season. Rutgers’ previous deal with HighPoint.com "brought in $600,000 annually." The increased income from the SHI partnership "will push Rutgers closer to what other Power Five schools receive from corporate naming rights deals." Rutgers' athletic department reported a deficit of $1.8M in '18, which marked a "slight improvement" from a $2.3M deficit in '17. Meanwhile, the next priority for the department is "bettering the gameday experience." Beer and wine sales are set to begin at SHI Stadium this fall, an effort that Hobbs said will both "enhance the fan experience and generate revenue for the athletic department in a 'creative way.'" Hobbs also said that the department is in "active conversation about possible naming rights partners for the Rutgers Athletic Center" (ASBURY PARK PRESS, 8/6).