Topic: FAU Receives $6 Million Gift from The GEO Group to Name Football Stadium

[Rick]

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One-Time Gift is the Largest in the History of FAU Athletics

The FAU Foundation, Inc. has received a $6 million gift from The GEO Group (GEO) to name its on-campus football stadium. The $6 million gift will be made through GEO’s charitable foundation, The GEO Group Foundation, and will be paid over 12 years. The largest one-time gift in the history of FAU athletics, it will be used to support athletic operations, including FAU’s intercollegiate athletic program, the stadium, scholarships and academic priorities. In recognition of this gift, the football stadium at FAU’s Boca Raton campus will be named GEO Group Stadium.

“We are incredibly grateful for this wonderful gift,” said FAU President Mary Jane Saunders. “It is so exciting to now have a name for our beautiful stadium, and I couldn’t think of a better way to do that than by way of philanthropy. This gift is a true representation of The GEO Group’s incredible generosity to FAU and the community it serves. It is especially meaningful because George Zoley, GEO’s chairman, is a two-time FAU alumnus and former chair of our Board of Trustees.”

GEO Group Stadium is the centerpiece of FAU’s Innovation Village, located in the north central area of the Boca Raton campus. Home of the Owl football team, the 29,419-seat open-air stadium – a $70 million project – features 6,000 premium seats, that include 24 suites, 26 loge boxes, 1,000 premier club seats and 4,000 priority club seats, and the latest, state-of-the-art amenities. The stadium officially opened in October 2011, and is the only college football venue in the country with a view of the ocean.

Headquartered in Boca Raton, The GEO Group is the first fully integrated equity real estate investment trust specializing in the design, financing, development, and operation of correctional, detention, and community reentry facilities around the globe. The GEO Group is the world’s leading provider of diversified correctional, detention, and community reentry services to government agencies worldwide with operations in the United States, Australia, South Africa, and the United Kingdom. The GEO Group’s worldwide operations include the ownership and/or management of 101 facilities totaling 73,000 beds with a growing workforce of approximately 18,000 professionals. Through its charitable foundation, The GEO Group Foundation, the company supports charitable and educational causes nationwide and fosters national and international amateur sports competition.

“We’re delighted with the opportunity to enter into this groundbreaking partnership with Florida Atlantic University. Our company has always been committed to making a positive contribution to the communities in which we serve,” said George C. Zoley, Ph.D., ’72, ’75, chairman and chief executive officer of The GEO Group. “Every year through our charitable foundation, The GEO Group Foundation, we donate approximately $1 million to support local charities and schools and to fund college scholarships for students in the communities we serve across the country. This new partnership between The GEO Group Foundation and the FAU Foundation will allow the University to support its scholarship and academic program priorities and will serve as a catalyst for continued academic and economic growth in South Florida.”

FAU and The GEO Group Foundation also will continue to work together to create solid learning opportunities for students enrolled at the University, specifically in the areas of criminal justice, social work and nursing.

Source: FAU  Media Relations

[HootinHollerin]

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"GEO Group Stadium is the centerpiece of FAU’s Innovation Village, located in the north central area of the Boca Raton campus."
I've heard that same statement so many times of the past couple years, I was expecting to see FAU Stadium instead of the new name. That being said, Job well down to everybody that got this deal done. Unlike many of you, I'm happy to see this deal being longer than 5 years, I'd hate tohave the next Joe Robie.

[owlfamily]

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6 for 12 years is ok.

Any longer then that would of been bad dor the dollar amount.

[Jab979]

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Can this money be used to upgrade other facilities like the Ox? I know we all want an upgraded baseball stadium but the fact of the matter is Football is what makes money. Can we use some of that money to get better gym equipment inside the Ox for all of our athletes?

[BMarkey]

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UCF is receiving $15 million over 15 years (since 2006) from Brighthouse.

Troy, which was reportedly the first college stadium to sell naming rights, received seven years of a $250,000 per year payment (was supposed to total $5 million over 20 years) from Movie Gallery before it folded in 2010.

Naming rights compilation: http://businessofcollegesports.com/2011/06/21/naming-rights-on-college-stadiums-and-arenas/

[OWL4EVER]

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Very happy to get the 6 Million over 12 years!  Great deal for FAU and our program.  I know we will have many fans and people upset over a prison group putting their name on our stadium, however I think we should be happy the program is growing in the right direction.

Look at it this way, maybe the fans can call FAU Stadium "The Bird Cage" now

GO OWLS!

[Tim FAU98]

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Can this money be used to upgrade other facilities like the Ox? I know we all want an upgraded baseball stadium but the fact of the matter is Football is what makes money. Can we use some of that money to get better gym equipment inside the Ox for all of our athletes?

Per the debt agreement this money has to be used to service the debt...but it helps ALL of the athletes none the less.

[sjacks78]

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Can this money be used to upgrade other facilities like the Ox? I know we all want an upgraded baseball stadium but the fact of the matter is Football is what makes money. Can we use some of that money to get better gym equipment inside the Ox for all of our athletes?

Per the debt agreement this money has to be used to service the debt...but it helps ALL of the athletes none the less.

But the money they would be putting towards the stadium out of FAU's pockets for the next 12 years can now be used toward things like the Ox right?

[Tim FAU98]

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Can this money be used to upgrade other facilities like the Ox? I know we all want an upgraded baseball stadium but the fact of the matter is Football is what makes money. Can we use some of that money to get better gym equipment inside the Ox for all of our athletes?

Per the debt agreement this money has to be used to service the debt...but it helps ALL of the athletes none the less.

But the money they would be putting towards the stadium out of FAU's pockets for the next 12 years can now be used toward things like the Ox right?

Lets just say this money creates more flexibility and discrestion for the other money...BUT the main focus will always to be making the debt service payments.

[HootinHollerin]

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Do we have any pics of what the tower and scoreboard will look like with GEO Group on them?
I wish I could show my gratitude to the CEO (and FAU alumni) of GEO Group, as a student, I'm very thankful to have alumni giving back to OUR university.