George Mason University’s (GMU) Patriot Center is to be renamed EagleBank Arena from July 1 following a multi-million dollar partnership between the school in Fairfax, Virginia, USA, and business bank.
The agreement provides for a minimum US$6.6m commitment by EagleBank to the university over 10 years. It also includes the unilateral right of EagleBank to extend the agreement for up to a total of 20 years; in such case EagleBank will have provided US$13.7m in funding to the university.
The deal will also create scholarships and internships, launch a lecture series and mentoring programs, and provide arena improvements. The internship program will allow qualified Mason students to participate each semester in EagleBank operations. The Patriot Center opened in 1985 and is a 10,000-seat multipurpose sports and entertainment venue managed by Monumental Sports & Entertainment.
“This is a landmark moment for George Mason University and EagleBank,” said GMU president Ángel Cabrera 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.”
May 15, 2015