How Merchants Bank’s $50M Bet on IU Football Paid Off
BLOOMINGTON, IN — When Merchants Bank co-founder and chairman Michael Petrie signed a record-breaking $50 million deal to rename the field at Indiana University’s Memorial Stadium last August, the Hoosiers held a somber distinction: they were the losingest program in Division One history.
Fast forward to today, and that narrative has been rewritten in gold. Following IU’s stunning 27–21 victory over Miami to secure the 2025-26 National Championship, Petrie admits that even he couldn’t have predicted the “storybook season” that unfolded on Merchants Bank Field.
“We had no idea back in August that this was going to be… we knew they’d be good because they had a new quarterback,” Petrie said in a recent interview with 93.5 WIBC. “No one could ever have foretold the storybook season we’ve had. To have a 16-0 national championship and a Heisman Trophy winner… it’s just unbelievable.”
A Partnership Rooted in “Winning”
The 20-year, $50 million commitment is the largest in the history of IU Athletics. While the deal was officially inked in August 2025, Petrie—an IU alum and a 12-year veteran of the National Varsity Club board—had been eyeing the opportunity for years. However, he had one condition for IU Athletics Director Scott Dolson: he wanted to tie the Merchants Bank brand to a winner.
“I told Scott, I want us to be part of a winning program. That’s important,” Petrie recalled. “Before this transaction, IU was the losingest football program in D1 history. So it wasn’t like you’re tying yourself to a great brand at that point in time—but now it’s just unbelievable, the turnaround coach Cignetti has done.”
The investment has already paid dividends in brand awareness. Petrie noted that as a 22-year-old bank (despite a name that stretches back 150 years), the goal was to create state-wide visibility. Now, with a national title under their belt, “Merchants Bank Field” has become synonymous with the greatest era in Hoosier football history.
Beyond the Scoreboard: Financial Literacy for Athletes
While the naming rights grab the headlines, a core pillar of the partnership is a unique financial literacy program for IU’s student-athletes. Merchants Bank is opening a new training center in downtown Bloomington specifically to teach players how to manage their newfound NIL (Name, Image, and Likeness) wealth.
Petrie, who signed IU’s first-ever NIL athlete (basketball star Trayce Jackson-Davis) five years ago, wants to ensure today’s champions are prepared for life after the final whistle.
“When these players get paid, it’s on a gross basis,” Petrie explained. “We’ll inform them that they have a new partner in life called the federal government and that they have to pay taxes. We want to make sure they do the right thing with [their money]… because not all of them will be pro athletes. This can be a down payment for a house or something to start a business if they save it wisely.”
Looking Toward a Sold-Out Future
As Petrie celebrates the win from Florida, he is already looking ahead to a transformed atmosphere in Bloomington this fall. After decades of struggling to fill seats, the Merchants Bank Field at Memorial Stadium is expected to be one of the toughest tickets in the Big Ten.
“Now we’ll have sold-out stadiums, I think, at least for the next year and years to come,” Petrie said. “We’re just ecstatic to have this partnership and looking forward to working with the university for years to come.”
