VCU, Wade family announce naming rights deal for Siegel Center

Posted at 7:23 PM, Sep 29, 2016
and last updated 2016-09-29 19:23:18-04

RICHMOND, Va. — VCU Athletics has announced that their home will now be called the E.J. Wade Arena at the Stuart Siegel Center thanks to a new deal with one of their longtime benefactors.

Jeff and Janet Wade, founders of Mechanicsville-based E.J. Wade Construction and the E.J. Wade Foundation, have a new 10-year deal to have their name on the Rams home.

The naming-rights agreement is worth $2.75 million. The deal replaces VCU’s expired arrangement with Verizon, which had provided $165,000 annually.

“VCU is a very special place to me and my family, with four of my children having graduated from the University,” said Jeff Wade. “As a family, we owe a lot of our success to VCU. Basketball has become one of our passions, and we feel fortunate to have been able to develop a very good relationship with the current Athletics Department and Men’s Basketball coaching staffs. We really believe in the vision of the department, and specifically as it relates to basketball. Our financial support is a way for us to demonstrate our belief in VCU Athletics and VCU Basketball. And we strongly believe in the scholarships it will provide to help students excel academically; preparing them to succeed in life.”

The Wades have agreed to an additional financial commitment of over $4 million over the length of the contract.

“The generosity of the entire Wade family is humbling and inspiring,” said VCU Vice President and Director of Athletics and Ed McLaughlin. “Jeff and Janet have shown incredible philanthropy in the Central Virginia community and the naming of the E.J. Wade Arena is the perfect example. This gift will have a direct impact on our student-athletes’ experience and development at VCU. We love having the E.J. Wade family involved with the Rams and we look forward to a long relationship.”

The CBS 6 Problem Solvers are Working For You.

Contact the CBS 6 Problem Solvers

📱 Download CBS 6 News App
The app features breaking news alerts, live video, weather radar, traffic incidents, closings and delays and more.