Learfield, for the first time, will receive its payment fully in cryptocurrency on behalf of CalGETTY IMAGES
Cal and cryptocurrency exchange FTX have struck a 10-year, $17.5M deal that will "put FTX’s name on the field at the school’s California Memorial Stadium," according to Bret McCormick of SPORTS BUSINESS JOURNAL. FTX COO Sina Nader "was the initial impetus behind the deal with his alma mater." Cal’s Learfield arm, Cal Bears Sports Properties, was "integral in getting the deal done, and Learfield, for the first time, will receive its payment fully in cryptocurrency on behalf of the school." Cal will "receive its cut in U.S. dollars." Cal AD Jim Knowlton said that the school had been "working on landing a field naming-rights partner for a while." Knowlton said that the two sides are "already discussing the possibility of introducing incentives for Cal fans to use cryptocurrency in the stadium" (SPORTS BUSINESS JOURNAL, 8/23 issue). In San Jose, Jon Wilner notes Cal reported a $3.2M "surplus in the 2020 fiscal year, thanks to $25 million in support from central campus." The budget "includes an $8.5 million annual payment on the Memorial Stadium renovation." This marks the "second naming rights sponsorship for the field at Memorial Stadium, which was named Kabam Field from 2014-16" (San Jose MERCURY NEWS, 8/23).
