“*Having a big team unite behind the school seemed like a better path if we could sell the idea.*”
University of Wisconsin-Madison School of Business Dean Michael Knetter

Selling naming rights to sporting stadiums, businesses, and schools has become an enormously successful fundraising tool, with millions of dollars being thrown at such institutions to bear their namesake.

The University of Wisconsin-Madison recently raised $85 million for naming rights to their business school with one unique twist, the money is being spent to keep the name exactly as it is.

UW-Madison Business School Dean Michael Knetter mobilized a group of investors to form the Wisconsin Naming Partnership, a group that put up millions of dollars to ensure that the name of the business school would be preserved for the next twenty years.

Knetter indicated that there was initial apprehension to the idea, and it took a bit of time and discussion for investors to finally warm to the unique fundraising strategy.

It took nearly two years to raise the $50 million goal, but additional funds began to flood in shortly thereafter.

“Once we reached our goal and informed other prospects that this would be a reality, we raised $35 million in the next seven weeks,” said Knetter.

Motivation for the naming rights idea came through several meetings Knetter had with prospective donors. He found picking just one to be difficult and exclusionary, and began formulating his idea for a group endeavor.

“Having a big team unite behind the school seemed like a better path if we could sell the idea,” said Knetter.

Knetter stated that donors agreed to the twenty year contract because of the potential naming value of the school in the future. He estimated that the value of the option to rename or preserve the business school may be worth as much as $250 million in twenty years, and the time limit gives the university flexibility to pursue those lucrative options down the road.

Sheldon B. Lubar, the man who carries the namesake of UWM’s business school, is a member of the naming partnership that contributed to the preservation of the UW-Madison school name.

His involvement raises the question of enhancement versus preservation in regards to naming schools.

“Conventional namings can enhance the prestige of a school, and I think that is the case with the Lubar School. With the new name and building, it is a great chance to boost stature,” said Knetter. “In our case, we have a longer history and more alumni, so we felt that preservation was better for us.”

There is nothing imminent in terms of naming rights at UWM at this point, though the university has had some preliminary discussions with potential donors, according to Vice Chancellor Tom Luljak.

Luljak commended the approach as “novel” and applauded Madison for its innovative approach to fundraising. He also said that the university is open to both preservation and enhancement through naming schools and buildings.

“In some ways names make sense, donors can serve as role modes for students and perhaps inspire them to their level of success,” said Luljak. “However if a group of donors came to us with the idea and the resources, we would be open to that.”

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