Folsom Field: Selling a Legacy: Sweet Benefits or Meaningless Dollars?

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

Sweet Benefits or Meaningless Dollars?

However, not everyone is onboard with Frontier. Frontier Airlines is already the exclusive airlines partner for CU football and basketball. Therefore, the corporation already plays an integral part in university athletics.

While Bohn claimed naming rights would create a nice tie to the existing relationship the university already has with the corporation, others see it creating minimal opportunities.

“Frontier is already a huge supporter of CU football along with some other corporations, so they already bring in a lot of advertising,” said McDonnell. “For only a million a year I don’t think it’s worth it. They hiked up our tuition so it seems like they are just digging for money.”

Donald Lichtenstein, professor and chair of marketing at the Leeds School of Business, further pointed out that any agreement reached will not be disclosed in terms of current dollars. For example, a 25 million dollar deal spread out over a given time period does not mean 25 million dollars today. Schools want to come up with an impressive sum of money, because it is a PR plus, but in reality, they don’t disclose any real values.

Further, given a disappointing 2010 Football Season, this might not be the best time to sell naming rights.

“You can only sell it once, the idea being make it good,” said Lichtenstein. “A team playing bad gets less exposure. You want to sell when the stock is high in terms of the quality of the football team, not when it is low. What happens if CU becomes a great football team in five years?”

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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."