Built for $360,000 to replace the former Sanford Field in nearby Central Campus, Sanford Stadium was inaugurated on October 12, 1929, with a 15–0 victory over the Yale Bulldogs football team. Originally constructed to accommodate 30,000 fans, a double deck addition in 1967 added 19,000 more seats, and a 1981 addition to encircle the field added another 19,000 seats. After several more renovations, the stadium now holds more than 93,000 spectators, making it one of the largest collegiate stadiums in the country and the thirteenth largest stadium in the world. The stadium is named for Steadman Sanford, a former president of the university and chancellor of the University System of Georgia. Besides being the home of the Georgia Bulldogs football team, the stadium also serves as an event venue, the location of undergraduate graduation ceremonies, and was used for the medal competition of men's and women's Olympic football (soccer) at the 1996 Summer Olympics.