Comcast Exercises Option To Include Floor Naming Rights In New Arena



July 12, 2000

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    COLLEGE PARK, Md. - Comcast Corp. has exercised an option in its naming-rights agreement for a new arena at the University of Maryland to include naming rights for the playing floor, university and Comcast officials announced today.

    By exercising the option, Comcast's naming rights gift has increased from $20 million to $25 million, making it the largest known corporate naming gift in the United States for a collegiate athletic facility. In January, officials from Comcast and the University of Maryland announced the gift as part of a business partnership that also includes providing cable television services to university residence halls.

    The $25 million gift is the largest single donation to the flagship University of Maryland and represents a significant portion of the university's share of the cost of construction on the planned Comcast Center, which will replace the aging Cole Field House.

    "This generous addition to Comcast's already large gift to the University of Maryland is greatly appreciated," said University President C.D. Mote, Jr. "It signifies the enormous value that Comcast places on a partnership with us. We are very grateful for the confidence and support of all our friends at Comcast."

    "We are thrilled to include the floor of the new Comcast Center as part of our naming rights agreement with the University of Maryland," said Jaye Gamble, Regional Vice President for Comcast's Washington Metro/Virginia Region. "As a national leading telecommunications company, Comcast looks forward to continuing its support of educational excellence at the University of Maryland, one of the most prestigious public institutions of higher learning in the nation, as well as a leader in its information technology programs."

    "We are extremely pleased that Comcast has elected to include the floor as part of its naming rights agreement," said Director of Athletics Deborah A. Yow. "It is fitting that Comcast will have naming rights inside and outside the Comcast Center." Comcast, which provides cable service in Prince George's County, as well as in all or part of 15 Maryland counties, will provide basic cable, with dozens of channels, to all residence hall rooms beginning this fall. Comcast will have its name on one of the most visible collegiate athletic facilities in the nation, including the playing floor, and will have major marketing opportunities within the arena, including the most prominent advertising locations.

    The university plans to raise another $20 million for its share of construction costs through additional major gifts and through a campaign that will make available 1,600 of the Comcast Center's 17,000 seats to major gift donors. SFX Sports Group helped structure the original partnership between the university and Comcast.

    The Comcast Center will be constructed on the north side of the campus under the auspices of the Maryland Stadium Authority.