Fairfax, Va—George Mason University and EagleBank announced a multimillion-dollar strategic partnership that includes a broad array of education programs and an agreement to change the name of the Patriot Center to EagleBank Arena at George Mason University.
Brad Edwards, Assistant Vice President and Athletic Director called the day momentous. “The relationship with EagleBank reinforces and strengthens our position to be the economic and cultural engine of Northern Virginia. This is truly a university-wide deal that will benefit athletics, students and the community.”
The multifaceted deal brings together the largest public research university in Virginia and the largest community bank headquartered in the Washington, D.C. area. It would create scholarships and internships, launch a lecture series and mentoring programs, provide arena improvements and establish a long-term relationship dedicated to fostering the next generation of business leaders.
“This is a landmark moment for George Mason University and EagleBank,” said Mason President Ángel Cabrera. “Our shared vision goes beyond the financial contribution that will benefit so many people. This is about a relationship between two institutions that have a stake in the community and are investing in the future of our region.”
“As a local bank, we are delighted to partner with one of the region’s most prominent universities,” said Ronald D. Paul, chairman and CEO of EagleBank. “In entering into this array of support, EagleBank underscores not only our commitment to Northern Virginia and the region, but also to the creation of a multiplatform alliance that will support education, job growth and future economic prosperity throughout our community.”
The arrangement with EagleBank has the potential to be a 20-year deal and provide the university with value of up to $13.75 million. The first 10 years are guaranteed with support from EagleBank of $6.6 million.
“This incredible commitment from EagleBank will serve as a tremendous catalyst for the continued strengthening of the national and international reputation of George Mason basketball, the Atlantic 10 Conference and the university,” added Brad Edwards.
This past fall, along with our commercial rights representative, Comcast-Spectacor, we began serious dialog with EagleBank about this opportunity. Over the last 6 months we have worked diligently to bring today’s announcement to the community.
The Patriot Center will be officially renamed EagleBank Arena on July 1. It opened on Oct. 4, 1985 and is a 10,000-seat multipurpose sports and entertainment venue on campus. Managed by Monumental Sports & Entertainment, the arena is home to the Mason men’s and women’s basketball teams, as well as sporting events, concerts and family shows.
The first Mason basketball event scheduled in EagleBank Arena is Mason Madness on Friday, October 16, the annual celebration of the upcoming men's and women's basketball seasons.