Indiana Athletics has announced a new long-term deal with Merchants Bank that includes the renaming of the playing surface inside Memorial Stadium.
The deal will provide $50 million to IU over 20 years, along with financial literacy training for student athletes.
Here’s the full release from IU Athletics.
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BLOOMINGTON — IU Athletics and Merchants Bank announced today a new transformative partnership in support of the Department of Intercollegiate Athletics and its student-athletes.
The agreement includes a $50 million commitment over 20 years. As part of the agreement with Indiana Athletics and Learfield’s IU Sports Properties, Memorial Stadium’s playing surface has been renamed Merchants Bank Field at Memorial Stadium, effective immediately.
“This agreement is another example of how IU Athletics is positioning the university for success in the new world of college sports,” said IU President Pamela Whitten. “We’re particularly grateful that Merchants Bank will contribute not just to the on-field success of our teams, but to our student-athletes’ success in life.”
“We put a tremendous value on who we partner with as an athletic department, and that is particularly true when it comes to a facility as iconic as Memorial Stadium,” said IU Vice President and Director of Athletics Scott Dolson. “That’s what made Merchants Bank an ideal fit for this opportunity. Michael Petrie, Chairman of Merchants Bank, and his entire team share our commitment to this great university and the student-athletes who proudly represent it. In addition, the Merchants Bank team is dedicated to supporting our student-athletes’ chances to maximize their opportunities in the new landscape of intercollegiate athletics. This is an exciting day for everyone associated with our department and Indiana University.”
IU Football fans can expect to see the new partnership on display at the Aug. 30 season opener against Old Dominion. “Merchants Bank Field at Memorial Stadium” will be prominently displayed in multiple locations on the stadium’s playing surface. New interior, exterior, and directional signage will also be evident this weekend.
While the new branding is the biggest change that IU fans will see, what separates this agreement from many others is that it extends well beyond naming rights. An exciting part of the partnership for IU student-athletes – both present and future – is that Merchants Bank will provide them with comprehensive financial literacy training. This training will be at no cost to the student-athletes and will help ensure that they have the tools to maximize their opportunities in a new intercollegiate athletics landscape that includes, among other things, revenue sharing and NIL.
“As this partnership marks a new chapter with Indiana University, Merchants Bank takes great pride in supporting IU Football and the student athletes across programs that represent the Cream and Crimson,” said Michael Petrie. “Our team is ready and thrilled to provide these athletes with the financial tools and support necessary in planning and building for their future beyond the Sample Gates. This is not only a major milestone for our bank as we continue to evolve further on a national scale, but a personal milestone for me, as an IU alum and lifelong fan.”
Memorial Stadium has been the home of Indiana University Football since opening in 1960. It has since undergone a series of renovations, most notably in 2009 and 2018. The 2009 North End Zone renovation transformed the facility into a horseshoe, while also creating office space to house the IU Football coaching staff and the Athletic Department administration. The 2018 renovation enclosed the south end zone with the new Excellence Academy facility that houses, among other things, the Department’s medical and training facilities and staff as well as the Tobias Nutrition Center.
Merchants Bank Field at Memorial Stadium has been the home field for many iconic Hoosier players and many unforgettable IU Football seasons during its 65-year history. The greatest of those seasons occurred last fall, when first-year coach Curt Cignetti led IU to an 11-1 regular season, a top-five national ranking, and the program’s first-ever berth in the College Football Playoff.
“The pioneering partnership offers Merchants Bank an incredible branding showcase with Indiana Football and provides long-term support for IU Athletics and Hoosier student-athletes,” said Luke Reiff, General Manager of IU Sports Properties. “At a time when financial support is critical in college athletics, this monumental partnership with Merchants Bank makes a statement with Hoosier fans and alumni.”
