UC Berkeley football field to be renamed after cryptocurrency company FTX
BERKELEY, Calif. (KGO) -- Big news for Cal football fans -- UC Berkeley has partnered with cryptocurrency company FTX for naming rights to their football field, marking the first ever cryptocurrency collegiate sponsorship deal in the nation.
Cal Memorial Stadium is a gem, built on a fault line on a hillside above the UC Berkeley campus in 1923 as a memorial to Californians who sacrificed their lives in World War I.
It was seismically renovated 10 years ago and now the name change.
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To set the record straight it's the field that, starting Sept. 4 at the first home game, will be called FTX Field. The stadium itself will remain California Memorial Stadium.
Cryptocurrency giant FTX is paying UC Berkeley $17.5 million in cryptocurrency for the naming rights.
"That money will come straight to our athletic department bottom line and we'll use it to fund student athletes and our mission. FTX is one of the leading cryptocurrency companies in the world," said Joe Mulford, the chief revenue officer of UC Berkeley's Athletic Department.
The department's chief operating officer was a walk on member of the Cal Golden Bears team during his undergrad years.
Now the FTX logo will be displayed on the 20 and 30 yard line on the field, on press banners and on social media in the 10-year deal.
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"We're on the leading edge of technology here in the Bay area and here at UC Berkeley we're proud of that, that we're the first. As you said they also have partnerships with Miami Heat, Major League Baseball and Tom Brady to name a few," Mulford said.
FTX has pledged support to the Cal Veterans Group and to programs helping the homeless.
On home turf, Cal fans said it was okay by them.
"For me as long as they're not renaming the entire stadium I'm good with that. As long as it's still California Memorial stadium it's all good with me," said student Sarah Parkes.
The new official name is FTX Field at California Memorial Stadium.
