Maryland athletics and State Employees’ Credit Union announced a ten-year partnership Friday that will change the name of Maryland Stadium, according to a release from the athletic department.
Capital One Field at Maryland Stadium will be renamed as SECU Stadium. The debut of the name change will be Oct. 1, Maryland’s Big Ten home opener against Michigan State.
SECU will pay Maryland athletics a guaranteed $11 million, including $2.5 million to support programs and facilities, including the construction of the Barry P. Gossett Basketball Performance Center.
The agreement also includes variable compensation, estimated to net Maryland athletics another $300,000 to $400,000 annually.
“We are proud to welcome SECU into our Maryland Athletics family,” Director of Athletics Damon Evans said in the release. “From the very beginning, we aligned with SECU on goals and objectives, and more importantly, our values. It is our intent to use this partnership to do good for our student-athletes, our university and our communities.”
Prior to the 2006 season, Maryland athletics agreed to a partnership with Chevy Chase Bank for naming rights of the field. The name of the facility had been changed to Capital One Field in 2009 after Capital One acquired Chevy Chase.
Maryland athletics and Capital One mutually agreed to terminate its agreement, allowing for the new partnership.
“SECU is a longstanding stalwart corporate citizen of the state of Maryland and the University of Maryland is thrilled to be partnering with them on a wide-range of initiatives that will benefit not just Maryland Athletics, but our entire campus community,” President of the University of Maryland Darryll J. Pines said in the release.
