Rutgers University appeared to be close to a naming rights deal with Jersey Mike’s Subs for the Rutgers Athletic Center, the on-campus facility that plays host to men’s and women’s basketball games as well as wrestling matches.
The news of the potential deal was first reported by Jerry Carino on the Asbury Park Press website Friday night.
According to media reports, the deal would be worth approximately $30 million. The potential length of the deal was not reported.
If accurate, the revenue from the deal could far exceed that of the $11 million the school received in 2019 in a naming rights deal with Somerset-based SHI International.
Jersey Mike’s, founded in Point Pleasant in 1956, has grown to be one of the most recognized companies with the Jersey brand. The sub shop has more than 1,400 stores around the country.
Rutgers has been looking to sell the naming rights of the arena for some time. It is mostly known now as the RAC — short for Rutgers Athletic Center — despite the fact that it was renamed the Louis Brown Athletic Center following a donation from Brown in 1986.
The facility, which is working toward a major renovation on the inside, opened in 1977.