Indiana University athletes will soon wear Merchants Bank logos on their uniforms as part of a new five-year sponsorship agreement covering all 24 varsity sports.
IU Athletics and Learfield, which oversees athletic department sponsorships and owns multi-media rights, announced the expanded partnership Thursday. The first patches will appear Saturday, Oct. 17, when Indiana’s football team hosts Ohio State at Memorial Stadium.
The agreement builds on IU's existing relationship with the Indiana-based bank, which already holds naming rights to Merchants Bank Field at Memorial Stadium.
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Merchants Bank branding will also appear on coaches' apparel, including that worn by football coach Curt Cignetti, men's basketball coach Darian DeVries and women's basketball coach Teri Moren.
The agreement includes additional advertising through athletic venues, digital platforms and social media.
IU did not disclose the financial terms of the five-year deal. When asked by WFIU/WTIU News, the university said, "Merchants Bank has asked not to disclose financial details." WFIU/WTIU News has filed a public records request for the details.
Similar sponsorship agreements at other Big Ten universities have been worth tens of millions of dollars.
Illinois signed a five-year, $30 million agreement with Busey Bank earlier this year. That partnership includes jersey patches across nine sports and additional advertising and promotional benefits.
Michigan State's 10-year agreement with MSU Federal Credit Union, which covers all 23 varsity sports, was reportedly valued at approximately $40 million.
Ohio State's jersey patch partnership with JPMorgan Chase has been reported to be worth more than $15 million annually for the athletic department.
Those agreements include sponsorship benefits beyond jersey patches, and their values do not establish how much Indiana's partnership is worth.
IU athletic director Scott Dolson called the agreement a milestone for the department.
"Expanding this partnership to make them our official jersey patch partner across all 24 of our varsity programs is a groundbreaking milestone," Dolson said in a statement.
The deal comes as college athletic departments increasingly sell advertising space on uniforms to generate additional revenue.
Merchants Bank will also continue providing financial education programs and support for IU student-athletes as part of the expanded partnership.
