Kenan Stadium could soon have a new corporate naming rights sponsor, though Kenan will remain part of the title of the stadium.
Rick Barakat, the new chief revenue officer for the school’s athletic department, told a UNC Board of Trustees committee on Wednesday that the process to sell naming rights has begun.
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“We’re going to be looking to be pretty creative with this,” Barakat said. “We need to preserve the Kenan name within the stadium identification, and we’re working on the best way to do that with the family and the Rams Club, and then bring in a commercial brand around that. It’s going to be key that we drive some traditional assets in there to prop up the value. It will be a different proposition with Kenan staying on the stadium.”
William Rand Kenan Jr. donated the stadium in 1927 as a memorial to his parents, William Rand and Mary Kenan. The elder Kenan was involved in the racist 1898 Wilmington Massacre. In 2018, the school changed the plaques to remove the reference to the elder Kenan and instead focus on Kenan Jr.
North Carolina hired Independent Sports and Entertainment (ISE) to lead the sale of naming rights. ISE is also working with NC State to sell naming rights at Carter-Finley Stadium. Lenovo acquired the naming rights to Raleigh’s hockey and football arena in September with a six-year deal worth $60 million.
ISE is currently working with eight stadiums, including Appalachian State and Virginia, Barakat said.
North Carolina is planning to share $20.5 million in revenue with its athletes, beginning in July and pending final approval of a settlement between the NCAA and powerful athletic conferences and former athletes.
The Tar Heels are considering a variety of revenue-generating ideas, many around football hoping to take advantage of the increased interest in the program and new coach Bill Belichick.
UNC is looking at a concert series on campus around football home games, student tailgates, beer gardens, expanding concourses at Kenan Stadium and sponsorships around the Blue Zone, the Touchdown Club, tunnel covers, team benches, headsets, field logos and, eventually, jersey patches.
The athletic department is considering using athletic facilities, such as the Smith Center and Boshamer Stadium, for concerts and holiday events.
“You name it, we’re trying to turn over every rock and find new ways to drive revenue through athletics and the football program,” Barakat said.
The athletic department’s contract with Learfield, which expires in 2029, is up for a review. UNC is guaranteed a royalty fee at least $13 million in 2025-26 from Learfield with annual raises. Learfield sells the schools multimedia rights and also pays individual coaches.
If the school and Learfield don’t reach agreement on an extension by Oct. 31, the final years will be set by a comparison of other schools’ rights.
“If we get to that stage, that’s not ideal for them,” said Barakat, who worked at Learfield earlier in his career. “Ideally we would never get to that stage, and they’ll bring us a deal that we all feel really good about and we’ll extend. If not, we’re prepared to look at other opportunities.”