Mar 16, 2006 12:29 pm US/Central
Senate Leaders: Undo 'U' Stadium Naming Rights
St. Paul (AP) ―
The University of Minnesota's football stadium fortunes could rise or fall with the name slapped on the outside because some lawmakers are uneasy with the current corporate arrangement.
State Sen. Larry Pogemiller, DFL-Minneapolis, introduced a bill that would prevent the school from selling naming rights to a corporation. Under a deal reached last year, the university agreed to name the $248 million stadium "TCF Bank Stadium" in exchange for TCF's $35 million contribution over 25 years.
"Naming a public facility in a business deal after a private corporation -- I do believe that's a problem," Pogemiller said.
A sponsor of the university's stadium funding bill, Rep. Ron Abrams, R-Minnetonka, acknowledged that the issue is dividing legislators. But Abrams noted that university's School of Management is named for the late Curt Carlson, the Carlson Companies' founder.
"Who do you think that was named after, or which companies were involved there?" Abrams said.
Richard Pfutzenreuter, the university's chief financial officer, said he is worried about Pogemiller's bill will hurt efforts to raise private money for the stadium.
"We still absolutely believe that the plan we have is the best one," he said.
The university hopes to raise $149 million toward the stadium cost. Pfutzenreuter said university officials have secured $53 million in corporate and philanthropic contributions and that they would get another $53 million from a plan to charge students $50 a semester in fees to support the project. He expects the remaining $43 million to come in once the state commits to 40 percent of the overall cost.
TCF spokesman Jason Korstange said the company is staying out of the legislative debate.
"We just hold to that commitment," he said. "Quite frankly, it is the university's deal."
TCF Chairman Bill Cooper is one of the state's most influential Republicans and a former state party chairman.
-------
Memorial Stadium was the home of Minnesota Golden Gophers football from 1924 until 1981.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
Click to enlarge
Stumble It!
