The City Council Tuesday approved an agreement to rename what had been Qualcomm Stadium as SDCCU Stadium, with the San Diego County Credit Union bidding $500,000 for the naming rights.
The credit union recently took over as the primary sponsor of the Holiday Bowl college football game that's held in the stadium. The agreement passed 8-0 and will run to the end of next year.
While stadium naming rights typically run into the millions of dollars, city officials did not anticipate receiving that kind of money because of the short term of the deal. Municipal coffers will net $375,000 from the deal.
In its proposal, SDCCU said it would work to boost attendance at stadium events. The company has a history of heavily promoting events it sponsors.
Cybele Thompson, director of the city's Real Estate Assets Department, said SDCCU can promote stadium events at its ATMs around the region and within its branch offices.
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Now that the Chargers are playing in Los Angeles County, city officials envision closing the aging, money-losing stadium after the 2018 college season. San Diego State University officials are pushing for an extension in order to build a new home for the Aztecs.
The city contracted with Fox Sports College Properties to find an interested party for the naming rights and will receive the rest of the revenue.
"It was clear that SDCCU's thoughtful proposal was the one that stood out to me and the group we were working with as the one to move forward," said Duke Little, of Fox Sports College Properties.
SDCCU was one of four bidders. The others were Gemini Sports Group, a Phoenix company that handles sponsorships and naming rights; Mitek, a San Diego- based mobile technology firm; and Traction Video, a San Diego video production firm.
The facility was called San Diego Stadium after Qualcomm's 20-year naming rights deal expired a few months ago. Before that, the stadium was named for the late sportswriter Jack Murphy.
Councilman Scott Sherman, who represents Mission Valley, was away on a personal matter. His spokesman said he would have voted in favor of the deal.
