The University athletic department announced Tuesday that it will extend its sponsorship agreement with Wachovia Corporation for seven years.
The partnership, which began in 2003, provides the University with monetary assistance from one of the nation's largest financial institutions, according to a release from the athletic department. In return, Wachovia will receive continued exposure at nearly all of the University's sporting facilities and events.
As part of the new agreement, the Wachovia logo will be featured on the basketball court of the John Paul Jones Arena.
According to Wachovia spokesperson Christine Shaw, the amount of money paid for the on-court sponsorship will not be disclosed. The company's logo is also present on the floor of University Hall.
Shaw described the company's exposure at the newly opened John Paul Jones Arena as a "wonderful branding opportunity for the company and a chance to be aligned with a premier institution like U.Va."
Leonard Sandridge, University executive vice president and chief operating officer, said funds from Wachovia's sponsorship of the basketball court will go towards the Capital Campaign's financing plan for the arena. He also mentioned that the company's designation as a "Team Virginia" partner will further assist the athletic department at large.
"We have a long history with Wachovia," Sandridge said. Beyond the company's support of intercollegiate athletics, he mentioned that Wachovia has been a supporter of the Darden School of Business and the McIntire School of Commerce
According to Shaw, the long-term relationship between the University and Wachovia is representative of what the company "is all about" and emphasizes its relationship with the community.
In addition to supporting the University, Wachovia is also a corporate sponsor for athletics at UNC-Chapel Hill and a number of pro sports teams.
"[U.Va.] is one of the best schools in the country," Shaw said. "We are proud to be aligned and support the school."
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