TCF Financial strikes naming deal on Gopher stadium

Northwestern Financial Review, Apr 15-Apr 30, 2005

In a move that is expected to kickstart the campaign to bring Gopher football back to campus, officials from TCF Financial Corp., and the University of Minnesota announced a $35 million multiyear corporate sponsorship for a new stadium. The deal gives the company exclusive naming rights for the stadium, which will be called "TCF Bank Stadium."

The Gophers currently play in the Hubert H. Humphrey Metrodome in downtown Minneapolis, but University officials are hoping to build a new stadium on campus. The Gophers played on campus for decades before moving downtown in 1982. The old on-campus stadium has since been torn down.

"TCF and the University of Minnesota are two Minnesota traditions, rich in history, coming together to help make this happen," said William A Cooper, chairman of the board and CEO of TCF Financial. "securing the naming rights to TCF Bank Stadium is our way of extending our partnership and continued commitment to the University for years to come."

The stadium adds to a long-running relationship between TCF and the University of Minnesota. Since 1995, TCF has been the exclusive provider of banking services tied to a campus card - called the U Card - at the University's Twin Cities and Duluth campuses.

In the naming rights agreement, TCF will pay the University $35 million over 25 years.

The University and TCF also have agreed to extend TCP's sponsorship of the U Card, scheduled to end in 2013, with estimated payments to the University of more than $1.6 million annually for student scholarships and programs, and other non-stadium purposes. TCF will also be able to offer a debit affinity card to University alumni and athletics supporters, for which the University will receive annual royalties. TCF also will have options to extend its ATM lease on campus and lease a new banking office on the West Bank.

Companion bills have been introduced in the Minnesota House and Senate to support the proposed stadium. The legislation calls for the University to fund 60 percent and the state to fund 40 percent of the estimated $235 million cost to build the stadium, which would be completed by 2008.