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MEMPHIS, Tenn. — Liberty Bowl Memorial Stadium will soon have a new name and sponsor.

Simmons Bank announced Friday that the Arkansas-based company is in advanced negotiations with the City of Memphis to be the stadium’s title sponsor.

The new name will be Simmons Bank Memorial Stadium, the company said.

“With the continued reinvestment surrounding the Liberty Bowl and many other areas across the city, Simmons Bank is proud to partner with the City of Memphis to ensure the future of this historic stadium which represents a critical element of this important renaissance project,” said George A. Makris, Jr., chairman and CEO of Simmons in a news release. “As Simmons Bank Memorial Stadium, the name will continue to uphold the honor and tradition the stadium serves as a tribute to our veterans.”  

University of Memphis Director of Athletics Laird Veatch called the renaming deal “a progressive step forward for our community and the home of Memphis Tiger football.” 

The stadium, inside the recently renamed Liberty Park near Midtown, was opened in 1965 as Memphis Memorial Stadium. It is the home field for the University of Memphis football team and hosts the annual AutoZone Liberty Bowl and Southern Heritage Classic games as well as other events. Its capacity is 58,325.

Memphis Mayor Jim Strickland said the renamed stadium would tie in with the $126 million Liberty Park development that surrounds it.

The 63rd Annual AutoZone Liberty Bowl will be played Tuesday, Dec. 28 at 5:45 p.m. and will be televised on ESPN.

Simmons Bank this year acquired two Memphis-area banks, Landmark Community Bank and Triumph Bank.