Merchants Bank Chairman Mike Petrie, an IU alumnus, said his company’s $50-million, 20-year deal for naming rights to the field at Memorial Stadium was possible because of the team’s success last season.
The Hoosiers had an 11-2 record and made the College Football Playoff.
“This wouldn’t be happening if we were 4–7 last year,” Petrie said.
The field will now be called Merchants Bank Field at Memorial Stadium.
Petrie said he didn’t want to tie the company’s brand to a losing program. He said Merchants Bank was waiting for IU to commit to improving the football program.
“I always said the money's in football,” Petrie said, “but you got to invest in football.”
Athletic Director Scott Dolson said the agreement reflects years of planning and a shift in the momentum of the football program.
“This deal with Merchants Bank, this partnership, really just couldn't come at a better time because it really does continue that momentum,” Dolson said. “It's just not putting a logo on the field. It’s bigger than that.”
In addition to the $50 million sponsorship, the deal includes a financial literacy program for IU’s athletes. With players now able to share in the massive revenue they create, running a big-time college athletic department has become more expensive.
Petrie credited head coach Curt Cignetti and university president Pam Whitten with investing in football at a level he hadn’t seen before.
“I wanted to have our brand with a winning program,” Petrie said. “That’s why we did it.”
Dolson said season ticket sales are up 50 percent and fan enthusiasm is the highest he’s seen in years.
“There’s just a lot of hope out there,” Dolson said. “We talk about that a lot as a staff. We’re in the business of creating hope and creating a feel about the university.”
Dolson added that IU wants to upgrade Memorial Stadium but hasn’t decided whether to do one large-scale renovation or continue with multiple smaller projects especially with revenue sharing adding $20.5 million to annual expenses.
“The bottom line for me is making certain that we're allocating our resources in the best way that we can get the program where it needs to be,” Dolson said.
Recent changes to Memorial Stadium include new turf, renovated weight rooms, and updated lighting.
Petrie said the 2024 season proved IU was worth investing in. He said he looks forward to the season ahead and hopes for an NCAA championship.
“I’m a big IU fan,” Petrie said. “I want us to win, and this is how we can help, then continue to win.”
