Urban Elitist wrote:Question, When an individual purchases the naming rights like that, is he free to sell them at a later for market value? I'm just curious if that $12mil was an outright donation, or a clever investment.
Off the top of my head, I'd say the former.
Here's the official announcement:
SLU Arena to be Named for Alumnus Richard A. Chaifetz
Chaifetz Arena honors gift from chairman and CEO of ComPsych Corp.
ST. LOUIS -- Saint Louis University announced today that its new 10,600-seat multipurpose Arena will be named in honor of University alumnus Dr. Richard A. Chaifetz, who has made a $12 million naming rights gift to the Arena. The Chaifetz Arena will open in March 2008 and will be home to Billiken men's and women's basketball and a host of other events.
Chaifetz, a 1975 graduate of Saint Louis University, is a licensed neuropsychologist and is founder, chairman and CEO of Chicago-based ComPsych Corporation, the world's largest provider of employee assistance programs. ComPsych is also the leading provider of fully integrated EAP, behavioral health, work-life, wellness, crisis intervention services and outsourced HR solutions under the GuidanceResources® brand. ComPsych provides services to more than 25 million individuals and 10,000 organizations throughout the United States and 92 countries. Chaifetz is one of the world's most frequently quoted experts on behavioral health, workplace issues and employer and employee trends.
"It is an honor for Saint Louis University to have Dr. Richard Chaifetz's name on our Arena, which will mean so much to the University and the entire St. Louis community," said University President Lawrence Biondi, S.J. "Not only is Dr. Chaifetz respected around the world for the success of ComPsych Corporation, but we take special pride because he is an extremely successful alumnus who cares deeply about his alma mater and future generations of SLU students."
Chaifetz graduated magna cum laude with a degree in psychology from Saint Louis University in 1975. He received his Psy.D. from the Illinois School of Professional Psychology.
"I am proud to have the University name this Arena in my honor," Chaifetz said. "My education at Saint Louis University has had a tremendous impact upon my life, both personally and in business. As an avid sports fan, I have fond memories of the many sporting events I attended while an undergraduate at SLU. Having the Arena in my name is especially meaningful."
Chaifetz is a native of New York, and in 1971 he turned down an appointment to the U.S. Military Academy at West Point to attend Saint Louis University on the advice of his high school dean and mentor. He credits former SLU President Paul Reinert, S.J., with helping him remain at SLU when financial issues threatened his ability to stay in school.
"Father Reinert told me he believed in me and allowed me to stay at SLU at a time in my life when I didn't have the financial resources to pay for my tuition," Chaifetz said. "I promised him not only would I pay my tuition, but that I would pay back the University in an even bigger way in the future. Now, this is an opportunity for me to give back to the University for all the support and guidance I received as an undergraduate here. It is my hope that the Chaifetz Arena will enhance the on-campus experience for every future Saint Louis University student, as well as the city of St. Louis."
Chaifetz has been named to the Who's Who list of Crain's Chicago Business for three consecutive years - 2004, 2005 and 2006. He is a member of the American Psychological Association, The Economic Club of Chicago, The Executives' Club of Chicago and Vistage International (formerly The Executive Committee Worldwide). Chaifetz also served on Illinois Governor George Ryan's Health Care and Substance Abuse Policy Committee. In addition, he serves on the board of directors of several corporations, as well as non-profit organizations such as the Make-A-Wish Foundation of Illinois, Miami University School of Business and board of trustees for Chicago's Field Museum of Natural History.
The Chaifetz Arena will be the new home for Billiken men's and women's basketball, volleyball and also will host concerts, family shows, sporting events, trade shows and other events. The Arena complex consists of a 10,600-seat Arena, athletics practice facility and offices and support facilities for all Division I sports and the athletic department. Ground was broken for the Arena on August 28, 2006, and construction is ongoing and scheduled to be completed in March 2008. St. Louis-based Clayco is the general contractor for the project. Philadelphia-based Global Spectrum has been selected to manage the Arena for the University. Approximately 400,000 people are expected to attend events at the Chaifetz Arena in its first year of operation.
"This is truly an exciting day for Saint Louis University, and I hope this generous gift from Dr. Chaifetz will encourage others to help us reach our fundraising goal for the Chaifetz Arena," said Vice President for Development and University Relations Thomas Keefe. "We are not using any tuition dollars to pay for this state-of-the-art facility and we need continuing support to help us complete fundraising for the project."
Construction of the Chaifetz Arena is being funded through fundraising, $8 million in tax increment financing and bonds, which will be paid back with revenues from the Chaifetz Arena.
Chaifetz is married and has two children.
