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Lead Corporate Sponsorship: TCF Financial Corporation
On March 24, 2005, TCF Financial Corporation (TCF) and University of Minnesota officials announced a $35 million, 25-year corporate sponsorship for a new stadium. The deal provides TCF with exclusive naming rights for the stadium, to be called “TCF Bank Stadium™.”
The agreement establishes the foundation for financing the University’s 60 percent share of the $248 million stadium costs. The University is seeking state support for the remaining 40 percent.
In addition to the naming rights portion of the sponsorship, other agreements provide benefits to the University that will extend far beyond football. These benefits, conservatively estimated, could bring another $43 million over the life of the agreements—or $2.5 million annually—which would be used primarily to benefit students:
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The U and TCF have agreed to extend TCF's sponsorship of the “U Card” (a multipurpose identification card for students and staff), which now ends in 2013, with estimated payments to the University exceeding $1.6 million annually for student scholarships, student programs, and other non-stadium purposes.
TCF will have the option to extend its ATM lease on campus, and will have a lease for a new banking office on the West Bank of the Twin Cities campus and the right to lease a space in Coffman Union currently held by US Bank when that lease expires. Proceeds from those deals would generate another estimated $443,000 annually. TCF will have the opportunity to offer a debit affinity card associated with its checking/savings accounts to alumni and supporters of U athletics. These accounts will generate about $375,000.
Together with the University’s existing business arrangements with TCF, which total $18 million, the University's expanded relationship with the bank could produce more than $96 million in revenue for the U's academic and athletic priorities over the life of the agreements. | |
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