The University of Pennsylvania's historic Palestra court now has Macquarie Investment Management's name on it.
The university reached a multiyear agreement with the $249 billion money manager, both of which are located in Philadelphia, to rename the sports facility as Macquarie Court at The Palestra for the current 2018-19 season, a Macquarie spokeswoman said. Neither Macquarie nor the university disclosed how many years the agreement will be in force. Financial terms were not disclosed.
The court, which opened in 1927, hosts Penn's men's and women's basketball games as well as wrestling, women's volleyball and women's gymnastics programs. Select Philadelphia Big Five basketball games involving colleges whose campuses are in or around the city also are held at The Palestra.
Also, Macquarie will sponsor the university's men's and women's basketball teams as well as some of Penn athletics' community programs, such as the Young Quakers Community Athletics Program, which partners with West Philadelphia public schools.
"Our U.S. mutual fund business started in Philadelphia in 1929, and our commitment to this city and the community is part of our ethos," said Shawn Lytle, deputy global head of Macquarie and president of Delaware Funds.