October 12, 2005
UT Regents approve UFCU gift and sponsorship to renovate and rename Disch-Falk Field
Austin, TEXAS — October 12, 2005 — Officials of The University of Texas and University Federal Credit Union confirmed yesterday that a long-term arrangement has been approved for the Austin-based credit union to be the lead contributor of funding to renovate Disch-Falk Field, the home of the six-time national champion Texas Longhorns baseball team.
Under the terms approved yesterday, UFCU will also secure naming rights to the facility, which will become known as "UFCU Disch-Falk Field" on August 1, 2006. The stadium honors legendary Longhorns baseball coaches Billy Disch and Bibb Falk.
UFCU will contribute $13.1 million over 15 years toward retirement of debt that will finance the renovation, including an initial $1.5 million gift, and annual contributions beginning in the third year of the agreement.
UT Men's Athletics Director DeLoss Dodds also announced a plan for major renovations to the 30-year-old facility, including a new stadium structure, additional seats (including club seating and possible suites), a remodeled concourse complete with improved concessions, restrooms and team store, new locker rooms, training facilities and batting cages, an expanded press box and new sound system.
Dodds added that an architectural firm and construction manager should be selected by the end of the year and construction should begin after the 2006 college baseball season.
"University Federal Credit Union has been a key supporter of UT Athletics for more than 10 years and this agreement will enhance the relationship we enjoy with them while allowing us to move forward immediately with plans for the renovation of our baseball facility," Dodds said.
Tony Budet, UFCU's president and CEO, said the new agreement is simply an extension of existing UFCU financial support of UT, including serving as official corporate sponsor of UT Athletics and funding for the new UT Child Care Center, the Neighborhood Longhorns program, UT libraries and scholarships, as well as a full menu of financial services for the university community.
"Since 1936, when UFCU was formed by a group of UT professors, our primary focus has been serving the university community," Budet said. "Our existing commitments to the needs of faculty, staff and students of UT and the UT Medical Branch in Galveston exceed $5 million annually.
"We take great pride in this new agreement to partner with UT and other contributors to create a more contemporary baseball facility for the nation's preeminent collegiate baseball program and its fans. The visibility and awareness gained through this partnership will position UFCU to continue to grow; thereby strengthening our ability to price products more attractively and expand our services in what is an extremely competitive financial services environment."
With 105,000 members and $700 million in assets, University Federal Credit Union is Austin's largest locally owned financial institution, serving the university community, many major employers and other professional groups.