Get ready for a new name for Memorial Coliseum as UK, JMI search for revenue
Kentucky’s historic on-campus basketball arena may soon be known by a new name.
In a presentation to the Champions Blue LLC board of governors last week, JMI Sports President Paul Archey listed naming rights to Memorial Coliseum as one of on seven unsold assets UK’s multimedia marketing rights partner is prioritizing pursuing deals for.
As part of the six-year contract extension between UK and JMI Sports announced in August, UK receives 80% of all revenue from advertising and other inventory sales over the next 15 years.
Selling the naming rights to Memorial Coliseum would represent another opportunity to boost revenue for an athletic department still working to fund the $20.5 million in annual payments to athletes allowed by the NCAA’s House legal settlement.
But unlike the renaming of UK’s football stadium from Commonwealth Stadium to Kroger Field in 2017, any naming rights deal for Memorial Coliseum is likely to represent a less drastic change.
“To be clear, we are not considering removing the Memorial designation from the building,” Jacob Most, UK’s director of strategic communications, brand and content, said in a statement to the Herald-Leader. “In fact, we believe the meaning and history behind Memorial Coliseum add value for any potential partner that wants to be associated with a place that honors service, tradition and community.”
UK recently completed an $82 million renovation of the arena, which first opened in 1950. The coliseum includes a tribute to more than 9,000 servicemen and women who died in World War II, the Korean War, Vietnam War and subsequent military service.
UK has branded the facility Historic Memorial Coliseum since the renovation but has not formally changed its name. Any naming rights agreement will likely set the official name of the building as Historic Memorial Coliseum “presented by” or “preserved by” the corporate sponsor. UK must approve any naming rights deal, per the terms of the contract with JMI.
“This project has been widely recognized for striking the right balance between preservation and progress, blending historic integrity with modern features and energy,” Most said. “Our goal remains ensuring Memorial Coliseum continues to serve as a vibrant community cornerstone for decades to come.”
Memorial Coliseum was the home of the UK men’s basketball team from 1950 until Rupp Arena opened in 1976. It now is home to UK’s volleyball, women’s basketball, gymnastics and stunt programs.
In addition to Memorial Coliseum naming rights, JMI is also pursuing deals for the naming rights of the downtown studio outside Rupp Arena, advertising for the LED screen behind home plate at Kentucky Proud Park, naming rights for the Kroger Field premium club formerly known as the Longship Club, naming rights for UK’s Esports lounge, advertising for end zone LED boards at Kroger Field and a sponsor for UK uniforms next season, Archey told the Champions Blue board. He estimated deals for the major unsold assets could net between $3 to $5 million.
In January, The NCAA moved to allow schools to sell advertising for up to two patches of no more than 4 square inches on uniforms for regular season games. Previously, only logos for the uniform manufacturers were permitted. The new rules also allow for schools to sell advertising on football helmets.
JMI is considering a number of possibilities in deals for advertising on UK uniforms.
The most profitable deal would involve one corporate sponsor buying space on all UK uniforms, but Archey said it is more likely JMI will enter into multiple uniform sponsorship agreements across sports.
“We can sell team groups that go together, such as baseball/softball or the soccer teams, or whatever groups might work,” Archey said. “Or platforms, sell one sponsor across women’s sports or other platforms. … It’s early. We’ve had a lot of conversations. I’m certain we’ll be successful in selling it, but at this point, I do think it will be an unbundled-type strategy.”
As the two revenue-producing sports in the department, football and men’s basketball would be the most valuable assets for sponsors looking to buy the uniform space.
But questions still remain about how much those deals are worth.
The NCAA rule change only permits the uniform patches to be worn in regular season play. The NCAA controls the men’s basketball tournament, but the College Football Playoff is examining its own deals for uniform sponsorships.
“(Postseason) represents about 50% of the value of those patches, so very significant,” Archey said. “But also, other things that come into play. One thing that you might not think about that also comes into play is who’s watching your games on television? What’s your schedule like? You certainly have more value for those marks if you’re playing on national television, on a linear network, versus the SEC Network — or postseason in particular.”
UK and JMI estimated the contract extension announced last year would be worth approximately $465 million in guarantees to UK over the course of the deal, but Archey’s presentation had that figure closer to $500 million.
That deal also made JMI the official provider of NIL services to UK athletes. Athletes can still pursue endorsement deals independently, but working through JMI allows them use of university logos and facilities for advertisements.
The bulk of JMI’s NIL work has involved market driven opportunities like helping men’s basketball star Otega Oweh capitalize on his half-court buzzer beater that sent UK’s first round NCAA Tournament win to overtime, and connecting athletes with UK’s existing corporate sponsors for NIL deals, Archey said. Moving forward, JMI plans to pursue more NIL deals with booster-owned businesses and redirect some corporate sponsorship revenue that currently goes to UK to athletes through NIL deals.
Other schools have already leaned heavily on those types of NIL deals, Archey said.
JMI has been the subject of heated criticism from some corners of the UK fan base since it took over the management of UK’s NIL collective. Archey acknowledged in a response to a question from Champions Blue board member Rob Edwards that JMI and UK’s PR team are working to better promote their vision.
“There’s a communication strategy that we just have to be aligned on completely, because there is a lot of clutter,” Archey said. “...Everyone is a media person now. If you have your own social media, you can get your thoughts out there, which is not necessarily the truth. So it’s becoming even more important for us to control that message.”
Archey suggested leaning more on media personalities like UK radio play-by-play man Tom Leach and other members of the UK Sports Network. He also wants to use the downtown studio, which was funded in a partnership between JMI, UK Athletics and the school’s College of Communications, to produce more branded content.
Champions Blue’s board frequently holds its meetings in that space, including last week.
“I think this place is the key for us creating content,” Archey said. “My dream would have this thing firing 10-12 hours a day, creating content with athletes, our talent and controlling that message.”