Colorado State University is seeing solid returns on Canvas Stadium, as revenues rose in the facility’s second season of operation.
CSU’s Department of Athletics delivered its financial report for fiscal year 2018-19 to the CSU Board of Governors last week, revealing some positive trends at Canvas Stadium–the football program’s on-campus home that opened in 2017. Revenue rose by almost $1.5 million compared to the previous fiscal year, with total stadium expenses (exclusive of the bond payment) reduced by over $177,000.
Strong revenues had been reported for the facility in the prior fiscal year, but the athletics department’s finances were noticeably boosted by the stadium naming-rights agreement with Canvas Credit Union that was finalized before the 2018 college football season. More from ColoState.Edu:
CSU’s landmark partnership with Canvas Credit Union was the primary driver behind the positive news. The $37.7 million partnership is the third-largest collegiate stadium naming rights agreement in the country and will help pay for a significant portion of the $220 million on-campus stadium, which opened in 2017.
“We’re very pleased with our financial position following the 2018-19 fiscal year,” said Joe Parker, CSU’s director of athletics. “Our partnership with Canvas Credit Union not only benefits the Department of Athletics and all of our student-athletes, it has had a positive impact across our campus.”
CSU football will begin its third season at Canvas Stadium on September 7, when it hosts Western Illinois.
Photo courtesy Colorado State University.