GLENDALE, AZ (CelebrityAccess) — The Arizona Cardinals are in the market for a new naming-rights partner for their stadium after their current partner, the University of Phoenix, seeks an early end to its contract with the team.
Apollo Education Group, parent of the for profit University of Phoenix, is facing increasing regulatory scrutiny, declining enrollment and has been faced with widespread layoffs in recent years, but told the Republic that none of these were factors in their decision to seek early termination of their naming rights deal. Instead, the company said it wants to change its marketing focus.
They will continue to keep its name on the stadium until a new rights partner is identified and will continue to serve as the team's "official education partner."
Their deal with the Cardinals called for them to pay the NFL team $154.5 million over two decades, an average of $7.7 million annually, the Republic said. The NFL estimates that a new deal could potentially double the annual sponsorship income for the stadium.
Cardinals executive vice president chief operating officer Ron Minegar told the Republic that talks with a potential new sponsorship partner were already underway.
"We will get the best deal, the right deal," Minegar told the Newspaper. "We want to have the right brand affiliation." – Staff Writers