On Tuesday afternoon, Penn’s Dr. M. Grace Calhoun, director of athletics and recreation, held a press conference to announce that Penn Athletics secured a sponsorship with Macquarie Investment Management. The multi-faceted agreement is highlighted by the group’s presenting sponsorship of the men’s and women’s basketball teams, as well as naming rights to the Palestra’s famed court.
Calhoun refused to disclose the length and value of the deal but noted the partnership is for several years and is the largest such agreement in the history of Penn Athletics.
Typically, a presenting sponsor attaches its name to a product. With respect to the “Cathedral of Basketball”, the hardwood will now permanently be known as “Macquarie Court at the Palestra.” Calhoun noted, iin response to questions from Jonathan Tannenwald of Philly.com and reporters form the Daily Pennsylvanian, that having a corporate name linked directly with the fabled arena was not an option. However, she did admit that the school’s famed football stadium, Franklin Field, and the Penn Relays could be considered for a deal in the future.