Stadium Naming Rights going out to bid

[Dane96]

To have a guarantee of $120,000 in revenue (5 years x 4 boxes at $150k total per box= 600K)

 

 

Math seems off? Would be 600K per year; 3M for the term, right?

 

Nope.

 

Box Term= 5 years

Box Cost= 150k for 5 years

 

4 boxes x 150k= 600k

[uofalbany]

Anybody have a guess when the 2nd phase might begin? I think we all knew that once we got this monster rolling, things would happen.

[Clickclack]

Anybody have a guess when the 2nd phase might begin? I think we all knew that once we got this monster rolling, things would happen.

 

My personal opinion is that they will wait a year or two to gauge the amount of local interest...and then if needed roll on and build out further...moving forward it won't be new construction but rather an addition which should make it easier to get through the approval process.

Edited June 7, 2013 by Clickclack

[haggyland]

 

Nope.

 

Box Term= 5 years

Box Cost= 150k for 5 years

 

4 boxes x 150k= 600k

 

Check. Greedy me was thinking they were paying BCS prices of $150K per year, and not emerging FCS program prices.

 

$30K a year times 4 boxes = $120K

[Clickclack]

How much does it cost to run a football program full scholarship? Is there any possibility of budget neutral impact on our athletic dept. If not at what point can the program sustain itself financially, what would we need to do?

Edited June 7, 2013 by Clickclack

[Dane96]

It is a HUGE amount of money to do what you are saying, which is basically: ENDOWING SCHOLARSHIPS. I think UA has a few...but an endowed scholarship means $$ are invested and the interest equals the scholarship each year. NUHF came up with numbers at one point...but it is MULTI-MILLIONS in the 20's at least...to endow 63 schollys. W&M's entire football program is endowed...but not many schools are like that.

Edited June 7, 2013 by Dane96

[UAalum72]

In a quick search I saw annual football budgets of $3.3 million for Northern Iowa, $2.9 million for South Carolina State, $2.1 million for South Dakota State.

 

If scholarship costs are calculated (as they are for accounting purposes) at out-of-state student rates, 63 rides (at $31,184) alone cost over $1.9 million per year. Add coaches, travel, insurance, stadium costs, let alone matching Title IX, and we're not breaking even short of averaging 40,000 fans per game.

 

But the English Department isn't breaking even either.

[Clickclack]

In a quick search I saw annual football budgets of $3.3 million for Northern Iowa, $2.9 million for South Carolina State, $2.1 million for South Dakota State.

 

If scholarship costs are calculated (as they are for accounting purposes) at out-of-state student rates, 63 rides (at $31,184) alone cost over $1.9 million per year. Add coaches, travel, insurance, stadium costs, let alone matching Title IX, and we're not breaking even short of averaging 40,000 fans per game.

 

But the English Department isn't breaking even either.

 

LOL!

[alum73]

Scholarships usually pay out around 4% of the endowment, so you need 500,000 to fund a 20,000 scholarship. 63 20,000 is over 30 million.

[danefan]

http://www.bizjournals.com/albany/blog/2013/06/ualbany-football-stadium-construction.html

Even the grass (whether it's fake or real) at the University at Albany's new football stadium will be backed by sponsorships and big donors.

UAlbany expects to soon begin bidding naming rights for its $18 million stadium, which is on track to be ready before the football team's Sept. 14 home opener against Rhode Island.

 

In addition, UAlbany is selling four luxury suites. All are sold—each at $150,000 for a five-year contract.

One suite buyer is CHA, the largest engineering firm in the Capital Region (and also a company working on the stadium project). The other is the university's alumni association, according to athletics director Lee McElroy.

 

During a tour of the construction on June 19, McElroy declined to name the other two suite holders. He has generally described them as a financial institution and a nonprofit.

 

The stadium suites have 10 seats each, a mix of plush leather high-backs and bar stools. A five-year lease costs $150,000, including catering, a mini-fridge and TV.

 

About that grass: UAlbany is a little more than halfway toward its $1 million fundraising goal to name the (artificial turf) playing field after head coach Bob Ford. Ford, age 75, will be coaching his 44th season at UAlbany—racking up more wins than any other active Division I coach.

The stadium also features a grassy berm behind one end zone. McElroy tells me UAlbany will sell a five-year corporate sponsorship for that, aiming to take in between $125,000 to $150,000.

 

The berm will be named the Lee McElroy Family Berm Area.

 

The scoreboard, at the opposite end of the field, will have HD video and eight advertising panels, the first of which was being hoisted into place on Wednesday.

 

 

Adam Sichko might get the implication of this morese than anyone else. This is big business.

[danefan]

Appears from the online ticket system, that the Berm is called the "First Niagra Family Berm".

 

I'm sure they got a couple hundred grand over a few years for that.