The Patriot Center at George Mason University in Fairfax will be renamed EagleBank Arena under a multi-faceted deal signed with the Bethesda-based bank.
Under the agreement announced today, EagleBank will pay George Mason $6.6 million for the naming rights for 10 years, as well as other considerations. The deal, which EagleBank described in a statement as a “multi-faceted, long-term strategic alliance” with the university, also includes “a broad array of substantial education-related programs including scholarships, internships, lectures and seminar series.”
EagleBank has the right to extend the contract by 10 years, in which case the bank’s financial commitment over 20 years would be $13.7 million.
“As a local bank, we are delighted to partner with one of the region’s most prominent universities,” Ronald D. Paul, chairman and CEO of EagleBank, said in a statement. “In entering into this array of support, EagleBank underscores not only our commitment to Northern Virginia and the region, but also to the creation of a multi-platform alliance that will support education, job growth and future economic prosperity throughout our community.”
According to the statement, Patriot Center will be officially renamed EagleBank Arena on July 1. The arena, which opened Oct. 4, 1985, is a 10,000-seat multi-purpose sports and entertainment venue.
Playing host to more than 3,500 events with more than 12 million in attendance, the arena was ranked third nationwide for top-grossing venues with a capacity of 10,001 to 15,000, according to Billboard, and eighth worldwide for top-grossing venues with a capacity of 10,001 to 15,000, according to Venues Today, in 2014.
