The bouncing house is again just a nickname for the UCF football stadium.
The UCF Board of Directors on Tuesday approved a 10-year, $19.5 million agreement between the UCF Athletics Association and FBC Mortgage that renames the stadium FBC Mortgage Stadium.
The agreement comes into effect on July 1.
According to the terms of the agreement summary, UCFAA will have “the absolute right to terminate the agreement if the entity fails a financial due diligence assessment.”
FBC has “the right to request an assessment of the future value of the agreement in 2027”. FBC may choose to terminate the agreement at that time on one year’s notice, the summary states.
It’s unclear how much money UCFAA will make each year from the deal, which will average $1.9 million per year, as annual rights fees increase over the life of the deal. , according to the abstract.
The terms are relatively similar to other college football stadium naming rights agreements across the country.
Washington state reached a 10-year deal in March 2021 with Gesa Credit Union that pays the school at least $11 million, the Associated Press reported.
In May 2017, Kentucky entered into a 12-year deal worth over $22 million with Kroger that starts at around $1.85 million per year, the says the school.
“On behalf of our football program, I would like to express our gratitude for the support of FBC Mortgage,” UCF coach Gus Malzahn said in a press release. “It gives us a legitimate boost when it comes to creating a big advantage on the pitch.
“We are hugely proud of the environment at our home football games – and that only adds more luster to it.”
The on-campus football stadium, which opened in 2007, had been called Spectrum Stadium since 2017. This followed the rebranding of Bright House Sports Network, a local cable company which originally acquired the naming rights in 2006.
Prior to the 2020 season, UCF sought to secure a new naming rights partner after its deal with Spectrum was not renewed.
UCF earned $750,000 a year from its deal with Spectrum, according to the agenda of a UCFAA meeting.
In February 2020, Mike Bianchi of the Orlando Sentinel reported that the influential insurance industry and several prominent state politicians intervened behind the scenes to cancel a deal – worth $35 million over 15 years – with Roofclaim.com.
Last August, UCF entered into a naming rights deal with 3MG Roofing on a 12-year, $20 million deal.
This agreement, too, ultimately failed.
For the past two seasons, the UCF football stadium did not have a naming sponsor and instead went through Bouncing house.
Regardless of the sponsor, the nickname is not likely to disappear.