Folsom Field: Selling a Legacy: Risky Business

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

Risky Business

In addition, there are risks that the university faces when signing naming rights contracts.

The Sports Marketing Association stated that, “pride and team identification are considered the primary benefits of having a team, so it has been deemed critical the team’s playing space bear a name that commemorates the relationship among team, city, and fans....Therefore, it seems reasonable to suggest that by altering the name and tradition associated with an athletic facility, there could be a trickle-down effect that might adversely affect psychological attachment and attitudes toward commercialism.”

This has proven to be true, as several CU Buff fans have spoken out in opposition to the naming rights.

“I don’t think this move is necessary at all,” said Isaac Droke, junior news broadcast major. “Folsom Field has been Folsom Field for as long as I can remember and I think it should stay that way.”

Lichtenstein further explained that this is a form of co-branding in which both entities are at risk in what each other do in terms of tarnishing equity of their brand name. There is a danger when co-branding anything. Take for example Enron Stadium, former name of the Houston Astros’ playing space. When the Enron Corp. scandal broke, causing the corporation to file for bankruptcy, the Astros decided to remove its name from the stadium.

Critical in a successful marketing strategy of naming rights would therefore include choosing a company that resonated well with the community and one in which the risks are low. Local sentiment should figure into the equation. A Wall Street Corporation would likely not resonate well with a liberal community such as Boulder.

The good news, then, is Frontier Airlines is a Denver based company. So far to date, the corporation has had nothing offensive or outrageous reported in their name.

“We will get this right,” said Bohn. “We won’t make that mistake.”

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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."