Empty promises and empty seats: After 15 years, Rentschler Field struggles to match expectations (Putterman)

[CL82]

I wonder where the break even point is in building a 30k seat stadium in Storrs vs losing all that money renting the Rent

Between $172,000 per game in rent, a $3-per-ticket subcharge and the $250,000 subsidy, Rentschler collected more than $1.5 million from UConn in 2018, while also reaping all revenue from parking and concessions.

It's an interesting question, isn't it? I think we'd have to go 40,000 minimum current demand notwithstanding.

 

[whaler11]

Between $172,000 per game in rent, a $3-per-ticket subcharge and the $250,000 subsidy, Rentschler collected more than $1.5 million from UConn in 2018, while also reaping all revenue from parking and concessions.

It's an interesting question, isn't it? I think we'd have to go 40,000 minimum current demand notwithstanding.

there is no breakeven point. that rent, the parking and concessions wouldnt even cover the interest on the bonds nevermind the principle. sure you get another 2 or 3 million in revenue but you now own the maintenance

 

[CL82]

there is no breakeven point. that rent, the parking and concessions wouldnt even cover the interest on the bonds nevermind the principle. sure you get another 2 or 3 million in revenue but you now own the maintenance

Let's try it the other way, how much debt would a $3.5M-$4.5M payment support over say 30 years?

 

[whaler11]

Let's try it the other way, how much debt would a $3.5M-$4.5M payment support over say 30 years?

if you are going to make up a net number why not use something bigger than that

 

[BlueandOG]

I live about 10 minutes from Patriot Place, home of Gillette Stadium. It started with just the stadium, but now has a bunch of restaurants, bars, and stores - even a medical center. It is ALWAYS packed. And, it is about 20 minutes from a similar complex (without stadium) in another town. Never mind being 40 minutes from Boston and Providence. The Rent is an underutilized space - there is opportunity for a 365 day attraction for shopping, dining, and experiences.

 

[kibblesnbits]

This is a ridiculous conversation. The state of Connecticut subsidizes UConn on the order of $300M per year. The idea that UConn should turn around and stick the state with an empty stadium that it built expressly because UConn asked for it is absurd. If I was the legislature I'd just take the remaining cost of the stadium and any cost for its demolition out of that subsidy. UConn is struggling to hold on to what it already gets in a terrible budget climate. Screwing the state is not a very smart path at this time.

 

[CL82]

if you are going to make up a net number why not use something bigger than that

Meh, it's the $1.5M UConn currently spends, plus the $2M-$3M additional revenue number you cited. That feels like it would support a significant amount of debt. I'm not ambitious enough to figure it out, but I feel like it is a number that you can ballpark off the top of your head given your background. It's fine if it isn't.

 

[RSTuthill]

not to go full chief - but i pointed out the campaign started in the courant like 4-5 years ago and that the voices were going to grow and get loud very quickly.

Yeah, I am aware. But the impetus for Putterman's article must have come from within UConn or people in politics. That is a first I think.

 

[whaler11]

Meh, it's the $1.5M UConn currently spends, plus the $2M-$3M additional revenue number you cited. That feels like it would support a significant amount of debt. I'm not ambitious enough to figure it out, but I feel like it is a number that you can ballpark off the top of your head given your background. It's fine if it isn't.

I was including the rent in the new net revenue. Even if you get aggressive and say it’s 3 million in new revenue the cost of running and maintaining the place is going to eat most of that. They paid 700k in utilities in 2017 for example.

 

[Ha Who]

When you can't defend facts, just bang your shoe on the table a lot.

Call me Kruschev

 

[CL82]

I was including the rent in the new net revenue. Even if you get aggressive and say it’s 3 million in new revenue the cost of running and maintaining the place is going to eat most of that. They paid 700k in utilities in 2017 for example.

I'd like to look at hard at the XL and Rent costs and the whole AD budget for that matter. I'm guessing that there is a lot there that is either misrepresented and/or relatively easy to fix.

In any event it is an interesting thought experiment to look at the money we pay to the state to use its facilities coupled with the lost revenue and wonder if there is a more efficient way to do things.

 

[Scrutineer]

It's not just UConn seeing declining attendance, however the others have the huge revenue streams we can only dream about.

Empty feeling at college football stadiums after bond boom

 

[noeynox]

I live about 10 minutes from Patriot Place, home of Gillette Stadium. It started with just the stadium, but now has a bunch of restaurants, bars, and stores - even a medical center. It is ALWAYS packed. And, it is about 20 minutes from a similar complex (without stadium) in another town. Never mind being 40 minutes from Boston and Providence. The Rent is an underutilized space - there is opportunity for a 365 day attraction for shopping, dining, and experiences.

You would think, but the proposed outlets never got off the ground, so you have to wonder.

 

[Madmannsucks]

Pretty simple. Instead of looking around for a better deal, COMMIT to the AAC. It is a good FB conference. UConn needs to market the team. Having someone who does nothing but visit local schools and businesses every day. If not, drop FB and put the hoop team in the NEC and drop athletics.

 

[Palatine]

The state cut corners in building the Rent. It was supposed to be completely chair backed. Footings are in place to support 50K capacity. Ironically, if the state had followed through and spent the necessary money to build a 50K chair backed stadium, it might have helped our ACC cause. Good ol' Connecticut money mismanagement.

Connecticut always tries to do things on the cheap. And they end up paying for it. The Yard Goats park is a perfect example. If they spent enough in the first place, they would have spent less. And the north end would be under development now.

 

[Ha Who]

Can you also type it out in intelligent sentences that humans can understand?

Simpletons take the personal attack mode. Taking your cue from ... Your an arrogant ah

 

[whaler11]

Or UConn vesus Michigan or Baylor and RGIII. Or Landon Donovan's last CAP as a member of the USMNT. Or Women versus Australia in the Tourney iof Nations. Or the Rolling Stones. They all have value. Even UConn versus ECU.

Anyone with a iota of understanding of the value of media would include these in the value of the stadium.

lol yeah ‘value’.

can you point to it on the balance sheet so the luddites understand?

 

[whaler11]

You would think, but the proposed outlets never got off the ground, so you have to wonder.

nobody has to wonder. just look at the dumb springfield casino.

wishcasting is not a business strategy.

there might be nothing this country needs less than more retail space.

look at how walmart and target are stating the value of their real estate and what the malls look like and are selling for.

 

[CL82]

Connecticut always tries to do things on the cheap. And they end up paying for it. The Yard Goats park is a perfect example. If they spent enough in the first place, they would have spent less. And the north end would be under development now.

Hard to justify spending any money there. It's not like anyone would go see a baseball game in Hartford. Too much crime.
@Deepster

 

[UCFBfan]

Nothing less than the first salvo in the campaign to de-emphasize FB. I talked to someone from the UConn Foundation a couple nights ago. I was shocked to hear this person say with conviction that UConn was, "NOT a FB school!! We are a BB school!!"

not to go full chief - but i pointed out the campaign started in the courant like 4-5 years ago and that the voices were going to grow and get loud very quickly.

Look, not saying this is the truth or not but if it is, why are we wasting any more money? If people in the university and foundation believe this FB is crap and should go away mantra then do it. Stop throwing money we don't have down the drain. It'll be the end of my UConn days but whatever. It is stupid to continue this facade that we care about football when behind the scenes, many people at this university don't. If they won't support it, just be done with it.

I didn't read the article so I don't know if there are any ramifications for UConn if we abandon the Rent, but screw the state. Enough. Let that stadium rot if UConn won't support it's own football team.

 

[whaler11]

Look, not saying this is the truth or not but if it is, why are we wasting any more money? If people in the university and foundation believe this FB is crap and should go away mantra then do it. Stop throwing money we don't have down the drain. It'll be the end of my UConn days but whatever. It is stupid to continue this facade that we care about football when behind the scenes, many people at this university don't. If they won't support it, just be done with it.

I didn't read the article so I don't know if there are any ramifications for UConn if we abandon the Rent, but screw the state. Enough. Let that stadium rot if UConn won't support it's own football team.

I think most of the people who get it agree with you.

When your head coach is paying an assistant oop clearly you dont have the institutional will to compete - and its pretty stupid to do it halfway.

Maybe with AAC TV deal in next couple of weeks we’ll understand more.

 

[noeynox]

Look, not saying this is the truth or not but if it is, why are we wasting any more money? If people in the university and foundation believe this FB is crap and should go away mantra then do it. Stop throwing money we don't have down the drain. It'll be the end of my UConn days but whatever. It is stupid to continue this facade that we care about football when behind the scenes, many people at this university don't. If they won't support it, just be done with it.

I didn't read the article so I don't know if there are any ramifications for UConn if we abandon the Rent, but screw the state. Enough. Let that stadium rot if UConn won't support it's own football team.

This is spot on.

 

[UConnDan97]

I think most of the people who get it agree with you.

When your head coach is paying an assistant oop clearly you dont have the institutional will to compete - and its pretty stupid to do it halfway.

Maybe with AAC TV deal in next couple of weeks we’ll understand more.

Amen.

If the head coach giving up salary to retain an assistant didn't set off alarm bells in Husky Nation, I don't know what will...

 

[gtcam]

not to mention that with PWA being a prime military target, the likelihood that the Rent escapes a direct PWA hit is doubtful
THIS IS A JOKE - had to shed some lightness on such a depressing subject
This state and it's government is a joke second only to the UConn administration and its athletic department

 

[Uconnalliance]

Gotta wonder what other earth shattering news is being kept from Husky nation after reading this