GEO Group will pay $6 million over 12 years for the naming rights of Florida Atlantic University's on-campus football stadium, the university announced Tuesday.
The stadium will be called 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.”
The stadium opened in October 2011. It's the only college football venue in the country with a view of the ocean, according to the university.
Boca Raton-based 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, according to the university.
“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 opens the 2013 season, its first as a member of Conference USA, at the University of Miami on Sept. 3. FAU's first home game is against Middle Tennessee State University on Sept. 21.