UCF reaches 12-year, $20 million deal with Addition Financial for arena naming rights

General view of Addition Financial Arena.
General view of Addition Financial Arena.

UCF announced a 12-year, $20 million agreement Thursday to extend its contract with Addition Financial Credit Union for the naming rights of the school's 10,000-seat arena, home to its men's and women's basketball teams.

The new deal, expected to be approved next week by the UCF Athletics Association, will take effect on Jan. 1, 2023. The Knights head into the Big 12 Conference on July 1 of the same year.

"This is a great new venture with outstanding community partners," UCF vice president and athletics director Terry Mohajir said in a statement.

“Resources will be paramount as we transition into the Big 12 Conference a year from now, and Addition Financial will play a key role for us as we invest more resources to enhance our education and athletics missions."

UCF guard Tay Sanders, left, drives the court against SMU guard Kayla White, right, in the first half of an NCAA college basketball semifinal round game at the women's American Athletic Conference tournament in Fort Worth, Texas, Wednesday, March 9, 2022. (AP Photo/Gareth Patterson)
UCF guard Tay Sanders, left, drives the court against SMU guard Kayla White, right, in the first half of an NCAA college basketball semifinal round game at the women's American Athletic Conference tournament in Fort Worth, Texas, Wednesday, March 9, 2022. (AP Photo/Gareth Patterson)

Kevin Miller, president and CEO of Addition Financial, added: "Knight Nation has truly inspired us along their journey to the Big 12, and we look forward to embarking on that journey alongside them as we extend our partnership."

UCF sold the naming rights to its football stadium — more commonly referred to as the "Bounce House" — back in May, striking a 10-year, $19.5 million deal with FBC Mortgage, LLC. That agreement became official effective at the start of last month.

This article originally appeared on The Daytona Beach News-Journal: NCAA basketball: UCF, Addition Financial agree to 12-year, $20 million naming rights deal for arena