HomeNewsNewsFinancial Services - OtherBasketballUSA

UPenn closes historic Naming Rights deal with Macquarie

The University of Pennsylvania has closed a historic Naming Rights deal with global asset management firm Macquarie.

The multi-year deal will see UPenn’s Palsetra basketball arena – home of the Penn Quakers – renamed as the ‘Macquarie Court at Palestra’. Macquarie’s logo will also be printed on the court.

Grace Calhoun, athletic director at UPenn, said the deal is “far and away” the university’s largest ever sports partnership.

The deal is expected to raise substantial revenues, which will go toward UPenn’s basketball teams and help support a range of community sports programs.

Calhoun said the decision to sell the Naming Rights to UPenn’s most historic college basketball venue was not an easy one, but was necessary to fund UPenn’s ambitious athletics programs.

The Penn Quakers play in the Ivy League’s Division 1, and this season they made it into the 64-team NCAA March Madness finals for the first time in 12 years.

Macquarie is a global firm with offices in across all five continents, including one in nearby in Philadelphia nearby UPenn.

Most recent

The partnership is understood to be a three-season deal, from 2019-20 to 2021-22, and builds on AXA’s existing Global Partner agreement with Liverpool.

The deal is the largest ever sponsorship investment in UK women’s sport and comes less than a year after the league went fully professional in September 2018.

Under the five-year global deal, Oppo will become the first Official Smartphone Partner of The Championships, Wimbledon, as the event is officially known.

US sportswear brand Nike is paying about $7.5m (€6.7m) per year to sponsor China’s League of Legends Pro League (LPL), according to industry sources.