BYU has inked a long-term strategic partnership with PV3 Enterprises, an investment firm based in Salt Lake City, the school announced Friday. As part of the agreement, the company will have naming rights to the field at the Cougars’ stadium and athletes will have access to an NIL program.
More than 40 BYU athletes will enter into NIL agreements and have a path toward opportunities PV3’s portfolio of businesses, according to a press release. Additionally, the field at LaVell Edwards Stadium will now be known as “PV3 Field” and have the firm’s branding on the 25-yard line.
Mark Hancock and Jason Murray are longtime BYU supporters, and the partnership with PV3 is intended to help the school cement its place in the new era of college athletics. The firm is also making an investment in the Cougars’ football facilities.
“We are really grateful for the PV3 team and the level of commitment that they’ve shown to BYU Football,” said BYU head coach Kalani Sitake in a statement. “Mark and Jason and their team are about providing a transformational opportunity to our players, not just transactional deals, and doing things the right way. We want to give our players every opportunity to succeed while they’re here and into their futures, and PV3 is really helping us accomplish that.”
Hancock graduated from BYU with his bachelor’s degree in 1999 and received his MBA from the university in 2001. Through the partnership, PV3 said its goal is to help put the Cougars’ football program in position for future success.
“We believe deeply in the mission of BYU and the impact its football program has on young men, the university and Cougar fans around the world,” Hancock said in a statement. “This partnership reflects our long-term commitment to helping BYU football succeed, not just today, but for generations to come.”
Friday’s announcement came just before BYU’s Week 6 game against Iowa State in Provo and after Sitake called for more NIL resources earlier this offseason. Additionally, in August, news broke that Sitake would no longer report to BYU athletics director Brian Santiago, but rather a university vice president, Keith Vorkink.
BYU enters Friday night’s primetime game against Iowa State with a 4-0 record after last week’s victory over TCU out of the bye week. The Cougars are also gearing up to be without star running back LJ Martin due to injury.
Martin is expected to miss more than a month of action, ESPN reported this week. That means he will not be available for next week’s high-profile affair between BYU and Notre Dame, scheduled for Oct. 17 at 7:30 p.m. ET on ABC.