The $8.1 billion San Diego County Credit Union will pay $500,000 for the naming rights of a 50-year-old stadium through the end of 2018.
San Diego City Council approved the deal Tuesday. The city of San Diego will receive $375,000 and $125,000 will be paid as a commission to Fox Sports College Properties, which the city hired to find a naming rights partner through a bidding process, according to San Diego City Council minutes.
The naming rights deal expires Dec. 31, 2018 because the city plans to close the stadium after that. However, if the stadium should remain open, a city official said SDCCU could negotiate an extension to keep the naming rights, the San Diego Union Tribune reported.
Until the naming rights partnership expired earlier this year, the 50-year landmark was named Qualcomm Stadium since 1997.
The 70,561-seat, multi-purpose facility will now be named SDCCU Stadium.
“We look forward to helping to position SDCCU Stadium as a premier venue in San Diego to host all types of events and are excited for all that it will bring to San Diego and surrounding areas, which will include the SDCCU Holiday Bowl this December,” SDCCU President/CEO Teresa Halleck said in a prepared statement.
In addition to serving as the stadium for San Diego State University Aztecs football home games, other events scheduled are the Coldplay and U2 concert, Vans Warped Tour and other several local events.
The stadium has hosted three Super Bowl games and two Worlds Series. It is the only stadium to host both the Super Bowl and the World Series in the same year, 1998, according to SDCCU.
