USF will hold a press conference today at 3 o'clock at the Sun Dome, where it's expected to announce it has secured naming rights for the 38-year-old facility.
USF president Dr. Judy Genshaft and interim athletic director Scott Kull will attend the event with Steve Griggs, president and CEO of the Jeff Vinik-controlled group that manages the Sun Dome.
Specifics of the deal haven't been released, but several sources have indicated for months the school was negotiating with Yuengling, the nation's oldest operating brewing company that has a facility in Tampa.
A naming-rights deal provides another revenue stream — of at least a few hundred thousand dollars annually — for USF's athletic department. In 2013, UCF reached a seven-year, $3.95-million naming-rights agreement with CFE Federal Credit Union, whose name is emblazoned on the school's basketball arena.
But the school must share part of that revenue.
In May 2017, USF signed a five-year agreement with Tampa Bay Entertainment Properties (controlled by Vinik) to manage and operate the facility, which underwent a $36 million renovation in 2012. Weeks before, USF entered a 10-year multimedia-rights partnership with the same group.
As part of that partnership, TBEP receives the right to secure naming rights for the Sun Dome, and receives 35 percent of USF's annual naming rights licensing net profit, according to the contract.