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The reduced revenue for the next 5 years will be slightly offset by the exit fee money. The best solution for making up the difference is to increase attendance at games. That goes straight to the bottom line. The last thing you could do and it may be a tough pill to swallow is to play OOC football games for money. That means no home and home series with big name teams. It could add $1 - $1.5M to the departments budget.
The issue is even with the above additional funds, the gap will widen. I think you can survive for 5 yrs without undo harm. After that and you will have to make some serious choices about competition levels.
I think they can survive 10 years.
But, as for taking away games, that's a net loss for UConn. Football revenue is significant. Taking a $1 million payday only works for school's that make less than a million. Despite what you may have heard, UConn actually makes a lot of money for football with very high ticket prices and seat donation requirements. And this has been a big complaint for the fans here. Lower the prices, pack the stadium.
A few years ago, UConn could get 35-40,000 for Murray State in a cold driving rainstorm. Now it gets 28,000-30,000 for conference games. There has been a fall off. Ticket prices should be addressed. Lower revenue on ticket prices might offset some of the empty seats and perception problems.