(INDIANAPOLIS) – Lucas Oil Products, a California-based motor sports industry leader with strong ties to Indiana, has won the naming rights for the new Indiana stadium in downtown Indianapolis. Beginning with the 2008 season, Lucas Oil Stadium will be home to the Indianapolis Colts, the NCAA men’s and women’s Final Four tournaments and other major sports events.
“We were drawn to the Colts organization because their leadership has the same high standards we embrace,” said Forrest Lucas, president and CEO of Lucas Oil Products. “As a worldwide company, we see Lucas Oil Stadium as an exciting investment that also makes good business sense.” He confirmed that the deal is valued at $122 million over 20 years.
“Lucas Oil will be a great partner for us. Their enthusiasm about Indianapolis and Indiana and the Colts is incredible and their financial commitment will help us keep the best coaches and players on our field and winning for our fans,” said Jim Irsay, Owner and CEO of the Indianapolis Colts.
Lucas Oil Products is one of the fastest-growing additive lines in the consumer automotive industry, featuring a line of oils, grease and problem-solving additives. Through innovative product research and development, along with aggressive marketing programs, Lucas Oil Products has established itself as the top selling additive line in the American truck-stop industry.
The new Lucas Oil Stadium replaces the RCA Dome, which has been home to the Colts since their arrival in Indianapolis in 1984. In addition to the new stadium, the construction project also will significantly expand the downtown convention center.
Lucas Oil Stadium will be a three-deck, seven-level multi-use building with a retractable roof that will seat 63,000 for football and 70,000 or more for NCAA basketball, concerts and other special events. The stadium is being built on a downtown site bounded on the north by South Street, on the east by Capitol Avenue, on the south by McCarty Street and on the west by Missouri Street. The stadium is scheduled to be open for the Colts 2008 season.
Forrest Lucas spent 20 years as a truck driver and owner of a nationwide long-haul trucking fleet. Mr. Lucas and his wife, Charlotte, are both Indiana natives, marrying in 1982 as Forrest was mixing his own engine additives for his fleet of trucks. Although the company moved to Corona, California, in 1986, Lucas Oil Products continues to operate a plant in Corydon, Indiana. Forrest Lucas declares that he “will always be proud to be a Hoosier.”