And I love my Cougar debit card from TDECU!
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Great Company to do business with.
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Good to see season tickets are over 22K!
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Did we even put it to market?
Or did we just take the TDECU renewal offer?
They did not go to market because the original agreement with TDECU never expired. The original deal runs through 2024; then the 10-year extension will kick in. Then in 2034, both parties even have a five year option
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We need to sit down with TDECU and tell them to take the “Bluebonnet Credit Union” name so that our stadium’s nickname can be the Bluebonnet Bowl.
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Let me rephrase the question(s)
- Did we have a clause to renegotiate if we became a P5 program, if not then im assuming we honored the term to the end of contract?
- Did the contract contain options by A) UH B) TDECU or C) both if extension term/compensation is mutually agreed upon?
- If there was NO option, or NO option requirement by UH, did we take the naming rights (beyond TDECUs agreement) to market? Or did we just choose to renegotiating with TDECU without getting an accurate value read from the market?
Seems like a good deal. It’s doubled for the same period of time. With inflation at 7-8% and the move to the Big 12 that seems very good.
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How did it double? Went from $15m to $20m didn’t it? To me it should have at least doubled, considering the increased exposure the stadium is going to get.
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The initial deal had an option to extend for 5 years, $7.5M.
So this makes $35M in naming rights for 20 years. Not bad for a $120M stadium.
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You’re right, I misread it at $10M. Even so, at $15M → $20M over the same period is a good amount.
Not quite sure how anyone can say this is not a really good deal and it is happening at the perfect time.
Doubt this happens without the Big 12
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Here is the video of what Renu Khator, Chris Pezman and TDECU president/CEO Isaac Johnson said during their press conference today after the announcement:
Houston Cougars extend naming rights to TDECU Stadium; hear from Renu Khator and Chris Pezman
The new deal also has a 5-year option, Pezman said.
This is a great question. From what the TDECU president said, there wasn’t anything contractually that made them start talking other than the five-year option. They both had mutual interest and had been talking for a while, Pezman said. So since 2024 was getting closer, they started talking about potentially agreeing to the five-year option and they agreed to 10 years instead. The move to the Big 12 increased TDECU’s desire to get a deal done, the TDECU president said.
The only options they mentioned were that there was a five-year opt-in for both parties after 2024 and both parties opted to extend it for 10 years instead. That five-year option has been added to the end of 2034, so if both parties desire, it will be there, Pezman said.
They did not address going to the open market to see what else was out there. It would be a good FOIA request for that contract.
Hope that somewhat answers your question.
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We got a pretty good contract without the Big 12, though. That was a really good deal. So good that maybe it set my expectations on this one too high. But if a G5 program going into a conference that nobody knows what to think of is worth $1.5m a year, I’d expect one going into the Big 12 as being worth more than a 33% bump.
This is about what I would have expected without realignment, as the AAC established itself as the premier G5 and we became an NY6 bowl team.
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14 mil put towards the new building is good. Have to take the bird in hand.
That absolutely sucks!
Was hoping to see Turkey Leg Hut Stadium in the future.
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Also schedule UH for late B12 games in the first 2/3d of the season.
https://twitter.com/ChrisYBaldwin/status/1567954051563765762
https://twitter.com/Joseph_Duarte/status/1567944578849718273
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