University of Phoenix Stadium

The Apollo Group unit pays $150 million over 20 years.
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Apollo Group's

(APOL)

University of Phoenix agreed to pay some $150 million over 20 years to rename Cardinal Stadium in Glendale, Ariz.

The stadium, which hosts the Tostitos Fiesta Bowl and is home to the National Football League's Arizona Cardinals, seats 63,400, the company said.The deal marks the first time an NFL venue has been named after an educational institution, Apollo said.

The university will invest an average of $7.7 million per year for 20 years in exchange for naming rights, signage and a variety of advertising, marketing and merchandising opportunities.

In addition, the alliance will enable the university -- already international in scope -- to reach an even greater number and diversity of potential students, while staying grounded in its hometown community, according to Brian Mueller, president of Apollo Group.

"This is a win-win decision for both University of Phoenix and the Arizona Cardinals," said Mueller. "Throughout its history, University of Phoenix has been synonymous with innovation, so it's fitting to place the name of an innovative university on the world's most innovative sports and multi-purpose facility."