Patriot Center in Fairfax, Va. gets naming rights deal with EagleBank.
EagleBank announced recently that it entered a $6.6-million naming rights deal with George Mason University to change the name of the institution’s Patriot Center in Fairfax, Va.
The 10,000-seat multipurpose sports and entertainment venue will be renamed EagleBank Arena on July 1.
“We’re very excited,” said Ronald Paul, chairman and CEO of EagleBank. “George Mason is an awesome university. It makes a statement that we’re giving back to our Northern Virginia market and community.”
EagleBank agreed to pay a minimum of $6.6 million to George Mason University over the next 10 years, and it also includes the unilateral right for EagleBank to lengthen the agreement for up to 20 years, according to a press release on the deal.
“In such case, EagleBank will have provided $13.7 million in funding to the university,” states the release.
The announcement includes a variety of educational programs that will be funded with the naming rights money, including scholarships, internships, lecture series and mentoring programs.
“I think it’s a great thing for the university and for the arena and the athletic department and the bank,” said Barry Geisler, general manager of the venue.
Additionally, a small chunk of the money will fund maintenance projects.
“The building is nearing 30 years old, so part of the money from the naming rights will go to building improvements,” Geisler said, outlining that the bathrooms and merchandise stands will be improved.
George Mason University has roughly 34,000 students and is located near Washington, D.C. EagleBank is headquartered in D.C.
The arena hosts a wide variety of events, including concerts, basketball games, boxing and wrestling championships and more.
“The arena was ranked third nationwide for top grossing venues with a capacity of 10,001 to 15,000 according to Billboard and eighth worldwide for top grossing venues with a capacity of 10,001 to 15,000 according to Venues Today in 2014,” the press release states.
Mentorship programs funded by the deal will help George Mason University students with leadership and entrepreneurship skills through a series of sponsorships called Business Leadership programs.
One series will have bank executives host a business-focused lecture series for students, faculty and alumni.
“This is a landmark movement for George Mason University and EagleBank,” University President Angel Cabrera said in a statement. “Our shared vision goes beyond the financial contribution that will benefit so many people. This is about a relationship between two institutions that have a stake in the community and are investing in the future of our region.”
The university and the bank also will launch an internship/apprentice program, allowing Mason students to experience the business side of bank operations.
“Additionally, Mason will provide an opportunity for EagleBank to serve as consultants to the master’s in Real Estate Development program on campus,” the release states.
The venue — managed by Monumental Sports & Entertainment — opened Oct. 4, 1985, and it will celebrate its 30-year anniversary in October.
The arena is home to the George Mason Basketball.
“This incredible commitment from EagleBank will serve as a tremendous catalyst for the continued strengthening of the national and international reputation of George Mason Basketball, the Atlantic 10 Conference and the university,” Assistant Vice President and Athletic Director Brad Edwards said in a statement.
Interviewed for this story: Barry Geisler, (703)993-3009; Ronald Paul, (240)497-2098.