Sid Hartman: U athletic department should have more access to financing

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BleedGopher

BleedGopher

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per Sid:

Yes, the University of Minnesota is taking bids for an ambitious project that is expected to include football facilities, new basketball facilities for men and women, and an academic building among other projects, but at this point the school has $65 million to build $150 million worth of buildings.

The Gophers athletic department should have access to other sources of revenue to help build facilities.

First of all, the Legislature, until it contributed $156 million for the building of TCF Bank Stadium, had passed up the main campus for money for sports facilities. But at the same time, legislators approved funding for their favorite projects such as arenas and stadiums all over the state.

Second, none of the parking revenue paid by fans attending Gophers varsity sporting events goes to the athletic department.

And third, every ticket for a Gophers event includes a tax, and that revenue could go to the athletic department but does not. Many years ago, former athletic director McKinley Boston tried unsuccessfully to get those taxes reverted to the athletic department.

These three areas add up to millions of dollars that could be diverted to the athletic department for a short period of time while these facilities need to be built. After that, those revenues could go back to their original targets.

http://www.startribune.com/sports/gophers/289386411.html

Go Gophers!!
 

BleedGopher said:
per Sid:

Yes, the University of Minnesota is taking bids for an ambitious project that is expected to include football facilities, new basketball facilities for men and women, and an academic building among other projects, but at this point the school has $65 million to build $150 million worth of buildings.

The Gophers athletic department should have access to other sources of revenue to help build facilities.

First of all, the Legislature, until it contributed $156 million for the building of TCF Bank Stadium, had passed up the main campus for money for sports facilities. But at the same time, legislators approved funding for their favorite projects such as arenas and stadiums all over the state.

Second, none of the parking revenue paid by fans attending Gophers varsity sporting events goes to the athletic department.

And third, every ticket for a Gophers event includes a tax, and that revenue could go to the athletic department but does not. Many years ago, former athletic director McKinley Boston tried unsuccessfully to get those taxes reverted to the athletic department.

These three areas add up to millions of dollars that could be diverted to the athletic department for a short period of time while these facilities need to be built. After that, those revenues could go back to their original targets.

http://www.startribune.com/sports/gophers/289386411.html

Go Gophers!!
Click to expand...

The parking aspect is goddamn ridiculous and should have been changed long ago.
I also believe it leads to some pretty awful miscommunication/service since the people essentially setting up gamedays all over campus have no interest in sports.
2 years ago I called the parking office to inquire when the tailgate lots would open up on the season opener since they had sent out several times. The lady didn't even know when the game was.
It's a huge money maker that doesn't support the athletics dept, in fact seems to actively work against it to limit expenses and hassle.
The legislature stuff is political and not worth getting into since a dime of public money going to a sporting facility is a mortal sin to some people, unless it's in duluth, or for the twins, wild, vikings, or on and on and on and on.
 

Ole said:
The parking aspect is goddamn ridiculous and should have been changed long ago.
I also believe it leads to some pretty awful miscommunication/service since the people essentially setting up gamedays all over campus have no interest in sports.
2 years ago I called the parking office to inquire when the tailgate lots would open up on the season opener since they had sent out several times. The lady didn't even know when the game was.
It's a huge money maker that doesn't support the athletics dept, in fact seems to actively work against it to limit expenses and hassle.
The legislature stuff is political and not worth getting into since a dime of public money going to a sporting facility is a mortal sin to some people, unless it's in duluth, or for the twins, wild, vikings, or on and on and on and on.
Click to expand...

I thought the parking situation changed recently or was supposed to.

The sales tax issue is an interesting thought.

I believe the legislature has helped fund state and pro teams for stadiums and arenas, just as they did for TCF Stadium. I don't believe they have helped fund any practice facilities. Someone correct me if I'm wrong.
 

These dopes should have been writing this years ago - certainly at least in 2013 when Late Night Hoops did.

Now Sid and the Strib are moving the goal posts in a major way.

It's sad, but all of this was easy to see as likely to come. And yet... more time continues to be wasted.

LateNightHoops.com - 2013 said:
The smart move, in our opinion, would be to push for the allocation of current revenue streams (i.e., media contracts) to fund a practice facility project. This course of action may prove to be inevitable, but at a minimum a long delay in getting construction started due to an insistence that money be fully privately funded will continue to adversely affect the program.
Click to expand...

If an allocation of existing revenues or long-term debt is issued with a “plan” to pay back with future fundraising efforts, you’ve got a chance to put some money into facilities. But unless someone has $150MM+ they want to hand over to Gopher athletics, it’s incredibly difficult to imagine anywhere near $190 million in private funding.
Click to expand...
 

station19 said:
I thought the parking situation changed recently or was supposed to.

The sales tax issue is an interesting thought.

I believe the legislature has helped fund state and pro teams for stadiums and arenas, just as they did for TCF Stadium. I don't believe they have helped fund any practice facilities. Someone correct me if I'm wrong.
Click to expand...

It did, in 2012. Maybe not enough but still.

http://www.mndaily.com/2012/10/31/gophers-get-chunk-parking-revenue

The University’s athletics department will save about $235,000 in its budget because of an agreement it made with PTS this year, said Tom McGinnis, associate athletics director for finance.

The Gophers will bring in about $146,000 this year from parking passes for football, men’s basketball and hockey games. Athletics will receive $15 per parking pass sold for the three revenue sports.

The University will also cut back on about $89,000 in game-day parking expenses."
 


Iceland12 said:
It did, in 2012. Maybe not enough but still.

http://www.mndaily.com/2012/10/31/gophers-get-chunk-parking-revenue

The University’s athletics department will save about $235,000 in its budget because of an agreement it made with PTS this year, said Tom McGinnis, associate athletics director for finance.

The Gophers will bring in about $146,000 this year from parking passes for football, men’s basketball and hockey games. Athletics will receive $15 per parking pass sold for the three revenue sports.

The University will also cut back on about $89,000 in game-day parking expenses."
Click to expand...

That's a crap deal.
Athletics should get every goddamn penny on game days, and expand revenue streams from all potential lots, green spaces, and sidewalks on campus. Not cut back 89000 in game days expenses.
 

Ole said:
That's a crap deal.
Athletics should get every goddamn penny on game days, and expand revenue streams from all potential lots, green spaces, and sidewalks on campus. Not cut back 89000 in game days expenses.
Click to expand...

Maybe a "crap deal"and but you got the numbers wrong. $250,000 not $89,000.
 







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