Rutgers is set to finalize a naming rights deal for its campus basketball arena, two people familiar with the negations told NJ Advance Media on Friday evening.
Rutgers officials are in negotiations with Jersey Mike’s Subs over a deal to rename the Rutgers Athletic Center, the two said. While the length of the deal is not known, someone familiar with the details of the potential deal said it could be worth around $ 30 million.
Both people requested anonymity as the deal is not finalized. One person involved in the denials said “she has reached the stage of the lawyer. APP.com first reported that Rutgers was on the verge of a deal on Friday night.
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Once finalized, this will be the fourth significant naming rights agreement Rutgers has signed for one of its athletics venues under the tenure of athletic director Pat Hobbs. In July 2019, Rutgers signed a seven-year nominating right agreement worth nearly $ 11 million with SHI International Corp., a New Jersey-based IT solutions provider, for its football stadium.
Founded in Point Pleasant in the 1950s, Jersey Mike’s Subs is a popular sandwich shop with more than 1,400 locations in 45 states.
Rutgers officials have been exploring the renaming of the 8,000-seat arena for more than a decade. Although it has been commonly known as RAC since its inception in 1977, it was renamed Louis Brown Athletic Center in 1986 following a large donation from the Rutgers graduate who played golf for the school.
In addition to hosting the men’s and women’s basketball teams, the RAC also hosts wrestling, gymnastics and volleyball matches.
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Keith Sargeant can be reached at [email protected].