The agreement between CSU and Canvas Credit Union that established Canvas Stadium was made official Friday during a ceremony at the new on-campus facility.
CSU President Tony Frank, director of athletics Joe Parker and Canvas Credit Union president and CEO Todd Marksberry spoke about the emerging partnership before a gathering of fans, alumni, faculty, staff and media. The event officially formalized the agreement between the two Colorado stalwart entities.
“This is an incredibly proud day for Colorado State University,” Frank said. “We take our name and what it stands for very seriously, and we’re very pleased to be associated with a company like Canvas Credit Union that prides itself on the same values we take pride in.”
The partnership was first announced in April, but Canvas was in the process of a rebranding that included renaming the company so the stadium naming was put on hold. The switch from Public Service Credit Union to Canvas Credit Union was made official June 5, and CSU quickly announced the new name of the stadium.
The partnership is one of the most lucrative deals in college athletics, with Canvas playing $37.7 million for naming rights. Coupled with an anonymous $20 million gift to name the field after legendary coach Sonny Lubick, CSU has brought in $57.7 million in naming rights for its state-of-the-art facility, making it the third most lucrative facility sponsorship deal in college athletics.
Special guests at the event included Lubick, the legendary coach with more bowl appearances than any other Rams coach, Craig Thompson, commissioner of the Mountain West, and numerous representatives from Canvas.