1) Things have to be some colour
2) U of T's school colours are blue and white
3) It's a stadium designed by D and S, so it looks like a stadium rather than a crystal, an amoeba, a letter of the alphabet, or a body part
^ I think it is 'permanent', they poured a concrete pad to make it level. Very poor planning though, almost like an afterthought. As you mentioned, they've covered up the sign and it's not right for this location. I do like the design of the booth itself though.