Folsom Field: Selling a Legacy: Precautions

Selling a Legacy

At what price do you sell a legacy? According to University of Colorado Athetlic Director Mike Bohn, about 16 million dollars.

On March 22, the Denver Post reported that representatives from Frontier Airlines toured Folsom Field, sparking rumors that the company had already entered a deal to purchase naming rights to the stadium. The deal with Frontier Airlines has not been finalized, but the possibility of a corporation purchasing the naming rights of the legendary Folsom Field received mixed reviews among CU students and alumni who wonder if the lines between tradition and commercialization have been crossed.

"It looks good financially," said Andy McDonnell, junior broadcast news major, "but I don't think it makes sense for the fans because you lose some of the prestige, honor and traditions that reside in the whole field."

According to Mike Bohn, the university would receive a sweet deal: a million bucks a year with an incremental increase in cash over a 15 year period. That's about 16 million dollars, not counting assets, which would add another estimated 10 million dollars over the 15 year period.

However, while many fans would prefer Folsom Field to be left untouched by corporate hands, the reality is, football is a business.

"I think it would be cool to play at Folsom Field for my whole career, but it's a good source of money so it's a good decision," said Curtis Cunningham, junior defensive tackle and international affairs major. "There is never really a right time to do something like this, so now is as good as any."

Monday, May 2, 2011

Precautions

In order to ensure such a mistake will not be made, CU is taking measures to ensure only the right sponsor will be the one to stamp their name on Folsom Field.

Bohn explained that the university reserves the right to deny sponsorship of certain corporations. The university has no interest in alcohol, tobacco, condom, or feminine product companies, as well as political action committees. Sponsorship is not limited to corporations, but individuals with criminal backgrounds are not contenders.

In addition, the contract would include several precautions to ensure a good deal for the university. For example, any contract would include an exit clause. If the university found it was unhappy with the sponsor, it would be able to get out at virtually no cost.

Further, while the university could wait until the football team’s performance improves, which would increase their monetary value, the agreement removes negative consequences if the team worsens.

“It is a double edged sword,” said Bohn. “We could base it on performance, or we could take a guaranteed number rather than risking a possible decline in the team.”

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Fred Folsom and the Legendary Football Field

Folsom Field was named after former legendary CU football coach, Frederick Folsom. Folsom coached football at CU for nearly 16 years, beginning in 1895.

He also attended and later taught at the university's law school.

The field has been home to the Buffaloes since 1924. It was renamed Folsom Field, changing from its original name of Colorado Stadium, in 1944 after Folsom's death.

Adding to its legendary prestige is the fact that Colorado has one of the nation's best all-time home records, according to CUBuffs.com.

Further, all of Fred Folsom's children attended school and graduated from the University of Colorado.

It has been reported that the Folsom family "left a lasting legacy that spans 100 years, three generations, and touches on many important events and periods in CU, local and national history" (www.colorado.edu/insidecu/editions/2006/8-22/story2.html).

CU No Stranger to Naming Rights

Mike Bohn said that the process of naming rights would be modeled off the same process associated with donors. This is familiar ground for CU, given its very own Coors Event Center, home of University of Colorado basketball.

According to CUBuffs.com, the Center was originally named the CU Events/Conference Center. It was renamed the Coors Event Center after a $5 million donation from the Adolph Coors Foundation in September 1990.

However, David Clough; faculty athletic representative, professor of chemical and biological engineering and CU alumn; remembers the Coors Event Center more fondly as "the foam dome." It used to be that game-goers could purchase beer at sporting events, but the Coors Event Center no longer serves alcohol.

The money that was donated to the Coors Event Center, thanks to the Coors Family, was used the help build the Dal-Ward Athletic Center.

Clough's point is that renaming the field may not have much permanence.

"We have the Coors Event Center. But look, it's just there," said Clough. "The naming rights of Folsom Field don't bother me that much. It's a place."