Addition Financial Arena is here to stay for the foreseeable future.
The university’s Board of Trustees approved a 12-year, $20 million extension of UCF’s arena’s naming rights deal with Addition Financial Thursday morning. The new deal is expected to be approved in full by UCF Athletics on Aug. 25 and will go into effect on Jan. 1, 2023, according to a press release.
The deal keeps Addition Financial Arena, as it's currently named, a fixture of the main campus until 2035.
“We’ve had a partnership with Addition Financial for nearly a decade, and we’re excited that Kevin Miller and the Addition Financial Board have agreed to extend our relationship for an additional 12 years,” UCF athletics director Terry Mohajir said in the press release.
We're excited to extend our partnership with @theadditionfi!— UCF Knights (@UCFKnights) August 18, 2022
UCF Athletics and Addition Financial have agreed to a new 12-year, $20 million agreement
Less than a year before the UCF Knights’ move to the Big 12, the value of the naming rights for its arena has increased by over $1 million thanks to an increase in college athletics’ market value, according to a UCF Athletics spokesperson.
Under the original 2013 agreement with Addition, then called CFE Federal Credit Union, UCF received $564,285.72 per year. Now, that payment has almost tripled to $1.67 million per year.
“Resources will be paramount as we transition into the Big 12 Conference a year from now, and Addition Financial will play a key role for us as we invest more resources to enhance our education and athletics missions,” Mohajir said.
The move is the latest of several revenue-generating deals brokered by Mohajir since the end of the spring 2022 semester, including the 10-year, $19.5 million naming rights deal for FBC Mortgage Stadium, the 5-year, $1.75 million naming rights deal for the 3MG Club, and the 13-year, $125 million multimedia rights agreement with Playfly Sports.
“You got to keep up with Terry,” Harold Mills, Vice Chair of the UCF Board of Trustees, said during the meeting. “He just keeps getting stuff done. You just got to keep up with it.”