MEMPHIS, Tenn. - The Liberty Bowl Memorial Stadium might soon add to its name by having a corporate sponsor.
The city of Memphis hired a Chicago firm to find out how much a corporation would be willing to spend for the naming rights to the stadium.
Similar to how the arena where the Memphis Grizzlies play – FedExForum – is tied to a corporation, UofM is exploring the possibility of leasing the naming rights for the Liberty Bowl to the highest bidder.
Download the FOX13 Memphis app to receive alerts from breaking news in your neighborhood.
According to the contract between the university and a Chicago marketing firm, the firm will examine fair market value of naming rights – how much the city could negotiate based on such factors as signage, social media and impressions.
According to a report from the Sports Business Journal, shipping giant FedEx agreed to a 22-year deal worth $90 million for the Grizzlies’ home arena.
That number would be lower for the University of Memphis because it is not a professional organization.
The study will begin in about two weeks, and it is expected to be completed in three months.
© 2019 Cox Media Group.