Merchants Bank is paying $50 million over 20 years for naming rights to the field at IU's Memorial Stadium, the Department of Intercollegiate Athletics announced Thursday.
Merchants Bank Field at Memorial Stadium will be "prominently displayed in multiple locations" on the field, the announcement said, starting Aug. 30 with the opening game of the Hoosiers' football season.
The deal reflects the recent sea change in college sports with players allowed to share in the massive revenue they generate. The competition for talent has led to seven-figure deals for elite players.
"This agreement is another example of how IU Athletics is positioning the university for success in the new world of college sports,” IU president Pamela Whitten said in the announcement. “We’re particularly grateful that Merchants Bank will contribute not just to the on-field success of our teams, but to our student-athletes’ success in life.”
As part of the deal, Merchants Bank will provide free financial literacy training for all IU athletes.
Merchants Bank chairman Michael Petrie is an IU alumnus.
Memorial Stadium opened in 1960. Last season, the Hoosiers stunned college football with an 11-2 record and an appearance in the College Football Playoff.