Maryland Athletics announced a partnership with SECU, making them the official banking partner of Maryland Athletics. As a result, Maryland’s football stadium will be renamed to SECU Stadium, according to a release sent out by Maryland’s athletic department on Friday.
The stadium was previously called Capital One Field at Maryland Stadium, and Byrd Stadium before that. Capital One and Maryland Athletics mutually agreed to terminate their contract, allowing for this new naming rights agreement.
SECU will pay Maryland a guaranteed $11 million over the course of 10 years, including a $2.5 million gift dedicated to the construction of the much-anticipated new basketball practice facility, the Barry P. Gossett Basketball Performance Center.
The deal is expected to net Maryland’s athletic department between $300,000 and $400,000 annually.
“We are proud to welcome SECU into our Maryland Athletics family,” athletic director Damon Evans said. “From the very beginning, we aligned with SECU on goals and objectives, and more importantly, our values. It is our intent to use this partnership to do good for our student-athletes, our university and our communities.”
The name change will officially go into effect on Oct. 1 for Maryland football’s Big Ten home opener against Michigan State.