University of Phoenix Ending Sponsorship of Arizona Cardinals Stadium

The University of Phoenix is seeking to end its 20-year stadium naming-rights sponsorship deal with the Arizona Cardinals with approximately nine years remaining on the contract, according to the Associated Press. 

The University and the Cardinals agreed to a $154.5 million deal in 2006, which pays the team $7.7 million per year, per that report.

According to Craig Harris of AZCentral.com: "Apollo Education Group, parent of the University of Phoenix, has been hit with declining enrollment, regulatory scrutiny and widespread layoffs."

Harris noted, however, that an NFL marketing expert believed the Cardinals could double their annual payments with a new stadium naming-rights agreement.

"We will get the best deal, the right deal," Cardinals executive vice president and chief operating officer Ron Minegar said. "We want to have the right brand affiliation."

While the process of finding a new sponsor is underway, per Minegar, a team executive told Harris that the University of Phoenix will keep its name on the stadium until a replacement is found and will remain the team's "official education partner."

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