FOR IMMEDIATE RELEASE
June 15, 2004

CONTACT: Lisa Lacher, (515) 271-3119, lisa.lacher@drake.edu

PRINCIPAL FINANCIAL GROUP FOUNDATION INC. GIVES $1 MILLION FOR DRAKE STADIUM REVITALIZATION

Drake University is dashing into the homestretch of its race to raise $11 million to revitalize Drake Stadium with today's announcement of a $1 million gift from the Principal Financial Group Foundation, Inc.

J. Barry Griswell, chairman, president and CEO of the Principal Financial Group, announced the gift today. "Revitalization of Drake Stadium represents great economic opportunity not only for Drake, but the entire Greater Des Moines area," he said. "The Principal is proud to be part of this important investment in the growth of our community."

"We are extremely grateful to the Principal Financial Group Foundation for the generous contribution of $1 million toward the revitalization of Drake Stadium," Drake President David Maxwell said. "This gift is not only a giant step forward in meeting our goal, but a powerful message to the rest of the Des Moines community about the importance of the project to the future of Central Iowa. This project is not just about Drake University - it has tremendous potential to enhance the economic vitality and the visibility of Des Moines by making the city the track and field capital of the Midwest."

President Maxwell noted that The Principal gift comes on top of major commitments from members of the fundraising campaign's Leadership Team: Bill Knapp, Maddie Levitt, Jack Taylor and Patty and Jim Cownie, as well as from Franklin "Pitch" Johnson, whose father was the track coach at Drake in the 1930s. The honorary co-chairs of the fundraising effort are Olympians Susie Favor-Hamilton, Frank Shorter and Natasha Kaiser-Brown (who is also head men's and women's track coach at Drake).

With the Principal Foundation's support, the revitalization effort has received $8.2 million in gifts and pledges toward the $11 million needed for Phase I of the project, President Maxwell said. The first phase, scheduled to begin in May 2005, will deal with structural concerns, reconfiguration of the track, construction of the throw and jump venues, installation of artificial turf and field lighting, relocation and upgrading of the scoreboard and renovation of the press box.

Phase I will position Drake and Des Moines to bid successfully for the NCAA Outdoor Track and Field Championships, beginning with the 2007 Regionals and followed by the National Championships in three successive years, 2008-2010. The estimate economic impact on Des Moines and Central Iowa of these events, along with AAU and USA Track and Field events that have expressed strong interest in coming to Des Moines and the ongoing Drake Relays, will be in excess of $300 million over 10 years, President Maxwell said. "An $11 million investment that produces a $300 million return is pretty exciting arithmetic," he added.

Strong endorsements of the project have been received from Craig A. Masback, CEO of USA Track and Field; John Kane, chair, Division I NCAA Track and Field Committee; and Ralph Lindeman, president of the Division I Coaches Association.

A revitalized Drake Stadium would make the University and Des Moines the only world-class track and field venue in the Midwest, President Maxwell said.

Masback, CEO of USA Track and Field, agrees. "Regrettably, there are very few quality track and field facilities in the Midwest, and even fewer that meet USATF's stringent specifications," he said. "Drake's plans to reconfigure its facilities to meet all of the USA Track and Field requirements create an ideal opportunity to support the flourishing of track and field in the Midwest and in the nation as a whole. Located in the center of the United States, with easy highway and air access and more than adequate hotel space, Des Moines is a city on the move that can be an ideal venue for hosting more local, regional, national and international track and field meets."

The stadium revitalization will preserve and enhance a national icon in track and field that athletes treasure for its intimate atmosphere. The project also will ensure the future of the Drake Relays and enable the University to capitalize on its community support, enthusiastic and knowledgeable fan base and experienced and committed corps of volunteers. In addition, Drake is committed to making the facility available for high school football and soccer.

"What's really attractive about the stadium project is that it isn't a 'pie in the sky' idea," President Maxwell said. "It's based on the Relays' long track record of success, and capitalizes on that remarkably strong foundation - expanding the established relationships and partnerships that have been built up between Drake and the track and field community nationwide."