Indiana football field gets new name after $50 million deal with Merchants Bank

Indiana Athletics and Merchants Bank have agreed to a deal that features a naming sponsorship for the playing field at Memorial Stadium.

The Indiana Hoosiers athletic program has announced a groundbreaking partnership with Merchants Bank. As part of the deal, Merchants Bank has pledged $50 million over the next 20 years, and in return, the playing surface at Memorial Stadium will now officially be known as Merchants Bank Field at Memorial Stadium.

“We put a tremendous value on who we partner with as an athletic department, and that is particularly true when it comes to a facility as iconic as Memorial Stadium,” Indiana athletic director Scott Dolson said in a press release. “That’s what made Merchants Bank an ideal fit for this opportunity. Michael Petrie, Chairman of Merchants Bank, and his entire team share our commitment to this great university and the student-athletes who proudly represent it. In addition, the Merchants Bank team is dedicated to supporting our student-athletes’ chances to maximize their opportunities in the new landscape of intercollegiate athletics. This is an exciting day for everyone associated with our department and Indiana University.”

Curt Cignetti gave a strong message to the Indiana fan base on Friday:

"We need Merchants Bank Field at Memorial Stadium rocking and rolling, sold out and loud, next Saturday," Cignetti said Friday. "Old Dominion has beaten Virginia Tech twice in recent history. And the Sun Belt Conference, ask Michigan, ask Notre Dame, ask Texas A&M, ask LSU, Tennessee, Florida, Kansas State.

The Hoosiers were 11-2 last season and earned a spot in the College Football Playoffs for the first time in school history.

Indiana Hoosiers beat writer Zach Osterman of the Indy Star says he can see it happening again.

“I don't know that I would endorse Curt Cignetti’s declaration that Indiana is the emerging superpower of college football, but Indiana has put money into football in very meaningful ways,” he said. “The idea that Indiana can be better at football than its history is something that had started to be proven true even before Curt Cignetti got to Indiana.”

""It's the largest gift we've ever given," said Merchants Bank CEO and IU alum Mike Petrie. "We're part of the IU brand and we want IU to win just like they do.""

The naming rights deal also includes financial education for Hoosier athletes from Merchants Bank.

The Hoosier football team will start its season at Merchants Bank Field at Memorial Stadium on August 30 against Old Dominion.