The Arizona Sports and Tourism Authority approved the Arizona Cardinals’ $154.5 million naming-rights deal with the University of Phoenix on Thursday.
Under terms of the 20-year deal, the $455 million stadium west of Phoenix will be called “University of Phoenix Stadium.”
The for-profit university has 323,000 students, most of them working adults in their 30s, at campuses in 39 states and through online programs. Its parent company, Apollo Group Inc., had $2.3 billion in revenue last year, ranking it among Arizona’s largest companies.
The Cardinals have naming rights to the stadium as part of the deal approved by voters to build the long-sought home for the NFL franchise, which had played at Arizona State’s Sun Devil Stadium since moving to Arizona in 1988.
The stadium will be the site of the Fiesta Bowl and the first of the new BCS national title games in January and the 2008 Super Bowl.
AP-ES-10-12-06 2010EDT
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