BLOOMINGTON — The Indiana Hoosiers football team is entering a new era of optimism after appearing in the College Football Playoff last year. Their new chapter will come with a new name for their home turf.
Their field is now known as Merchants Bank Field at Memorial Stadium. The Carmel-based bank agreed to pay $50 million over 20 years for the field's naming rights.
"It's the largest gift we've ever given," said Merchants Bank CEO and IU alum Mike Petrie. "We're part of the IU brand and we want IU to win just like they do."
Petrie said he considered tying Merchants Bank's brand to Hoosier football for several years, but last year's 11-1 season under new coach Curt Cignetti solidified the decision to pursue naming rights.
"I'm a big IU fan, I want them to win," Petrie said. "Quite honestly, IU was the losingest D-1 football program for a long time. If they would have been 4 and 7 last year, we wouldn't be standing here."
IU athletic director Scott Dolson said he was ecstatic to close the deal.
"When the call came at dinner, I stepped out onto Kirkwood. I was on the phone with Mike and he said, 'Scott, we're all in,'" Dolson recalled. "I did a dance and a few things on Kirkwood, and I didn't realize people were sitting outside eating."
Dolson said the naming rights revenue will primarily go towards players, coaches and maintenance of the stadium.
The naming rights deal also includes financial education for Hoosier athletes from Merchants Bank.
"One of the things we said to the university is, 'We really need to provide some financial literacy, especially with all of the money coming in," Petrie said. "It's so these individuals can use the money correctly and not just blow it."
The Hoosier football team will start its season at Merchants Bank Field at Memorial Stadium on August 30 against Old Dominion.
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