Cardinal Stadium is no longer Cardinal Stadium.

Louisville’s football stadium will now be called L&N Federal Credit Union Stadium, "or simply L&N Stadium," as University of Louisville athletic director Josh Heird said. A 20-year, $41.3 million naming rights deal between the university and financial institution, which begins immediately and runs through 2042, was officially announced Monday during a U of L board of trustees meeting. The football stadium is the second U of L athletic facility to be associated with the credit union. The Cardinals' volleyball team plays at L&N Federal Credit Union Arena.

"This is one of those stories that sometimes what you're looking for is right under your nose," Heird said. "We had conversations with numerous companies locally, regionally and nationally before realizing L&N would be interested in this opportunity. Fortunately for us, when the conversation was had, they didn't say no."

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As part of the new football stadium naming rights agreement, U of L will receive a $1.7 million payment during the 2023 fiscal year with a 2% increase for each contract year. The final payment in 2042 will be $2,476,579.

"When you look at the investment L&N is making, over $40 million," Heird said, "the impact that's going to have on our athletic department, on our university — that's significant."

L&N Federal Credit Union also recently donated $2.25 million to the Cardinal Athletic Fund, making it possible for U of L to open its Denny Crum Hall — which houses athletes from the university and other students — in September.

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L&N Stadium signage will soon be on display all over the football stadium, including its front entrance facing I-65 and the side of the building pointing toward the Floyd Street roundabout.

Partnering with a company for the stadium's naming rights was one of Heird's top priorities when he became U of L's athletic director in December 2021. The 60,800-seat stadium had been without a title sponsor since July 2018, when Papa John’s Cardinal Stadium was shortened to “Cardinal Stadium" two days after it was revealed Papa John’s founder John Schnatter used a racial slur during a company conference call a couple months earlier.

"We've been close a couple of times," said Heird, about process of finding a new title sponsor for the stadium. "We had been close and had some very serious conversations. I know (former athletic director Vince Tyra) went down that road a couple of times."

The fallout from the termination of the university's deal with Papa John’s, initially signed in 1996, resulted in the University of Louisville and Schnatter agreeing to a five-year, $9.5 million settlement in 2019. Schnatter was paid $1.5 million immediately and then $2 million in installments each of the next three years. On Monday, Heird said he believes the final $2 million payment is due to Schnatter at the beginning of the next fiscal year.

As part of U of L's new $41 million agreement, L&N Federal Credit Union will receive a football suite for the duration of the deal along with 40 lower bowl season tickets and six season tickets for seats in the club closest to the company's suite, among other things.

In 1954, at the current site of the U of L football stadium, the credit union was founded to serve the L&N Railroad workers in Louisville.

“We are thrilled and honored to have this opportunity to partner with the University of Louisville," L&N president and CEO Chris Brown said in a statement Monday. "We are proud to have the L&N name on the stadium as a visible sign of our commitment to the Louisville community and the University."

Reach Louisville football, women's basketball and baseball beat writer Alexis Cubit at acubit@gannett.com and follow her on Twitter at @Alexis_Cubit.

This article originally appeared on Louisville Courier Journal: Louisville football stadium new name includes L&N Federal Credit Union