This story has been updated to reflect the timeliness of the official announcement.

Update 5/21: Texas State has officially announced its new stadium rights deal with University Federal Credit Union (UFCU). 

According to the press release, the deal is the largest corporate sponsorship in the Sun Belt Conference for naming rights at a football stadium.

“We at Texas State are ready to make a statement,” said Texas State Director of Athletics Don Coryell in a statement. “We are in the middle of a tremendous run of success that has created unprecedented momentum across campus. To further that momentum, we are excited to expand our partnership with UFCU, which has chosen to invest in both Texas State Athletics and the entire university. We are ready to welcome Bobcat fans to UFCU Stadium and looking forward to UFCU directly supporting our student-athletes through education and resources.”

The deal is for 15 years and $23 million.

“Texas State is excited to take our long-time partnership with UFCU to this next level,” said Texas State President Kelly Damphousse in a statement. “As Texas institutions, we share a commitment to serve our state and to increase access to opportunity, education, and growth. This announcement is just the beginning to a relationship that will benefit our students, our university, and the larger community.”

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Texas State could soon have a stadium sponsor.

The Texas State Board of Regents is set to vote on a potential historic naming rights deal with University Federal Credit Union (UFCU), according to the board meeting agenda.

The naming rights deal would be for 10 to 15 years for up to $24 million, pending renewals.

Bobcat Stadium would be renamed to UFCU Stadium under the rights deal.

The proposal was first made public by Katfans.com.

The vote is set to be held on May 16 during the next board of regents meeting.