KFC Yum! Center Is Nearly $10 Million A Year In The Red

[upstater]

UofL got a great lease deal. I think I saw that they basically pay the overseeing authority $2/ticket. If the YUM center runs a deficit they might get stuck paying more, but as basically their only tenant, what leverage would the YUM center have over UofL? Like someone else said, UofL can always go back to Freedom Hall, but the YUM Center is SOL without UofL. Either way to call a favorable lease deal a scheme is pretty silly.

I don't think anyone called the lease deal a scheme. The accounting is the scheme. I'm critical of Uconn in that regard as well. There're a lot of shenanigans in sports accounting.

 

[caw]

Villes football is good. But they are no where near as good as WV in any category. I give the nod to Ville over UConn football, but was the discrepancy as large between these two schools as existed between WV and Ville. Of for that matter, if football mattered why Cuse before Ville. Recently UConn has been better than Cuse. Why didn't FSU fight Cuse. So what changed?

BC/Miami and maybe VT don't whine and squeal whenever Cuse and UL are brought up. That is why they got in. FSU probably didn't want Cuse or UL either, but got stuck with them when no one else really cared (aside from maybe Clemson).

 

[The Funster]

Brilliant and classy post.

I'm not here to troll or anything. I like UCONN and want to see them in the ACC or the Big 10. Just wanted to respond and discuss.

Sorry, we get our share of trolls here.

 

[MrPibb503]

No worries Funster. They are everywhere these days.

Upstater, you're definitely on the money when it comes to accounting and the apples and oranges comparisons going on.

I guess the only thing I would add is that if you look at Jurich's body of work over 10 years, they are actually investing as much as any school in the country so the revenue figures may be inflated, but not by THAT much.

I think Pitino is one of the highest paid basketball coaches in the country. He recently said he would Coach Strong a top ten paid coach. I believe he is top 15 now.

And facilities construction has been massive. I'm just saying the evidence supports the fact that the AD makes an incredible amount of money. The extent and the level we just don't have enough info to really make accurate comparisons as you pointed out

 

[ctchamps]

Had it been between WVU and Ville - WVU would have gotten the nod this time. It was timing and who had leverage in the ACC.

And that's the key. Who has leverage. This was an emotional act between two factions, tobacco road and the ACC football schools. It's no different than taking in football schools and DePaul for balance and we all know how things turned out there. I conclude, without concrete evidence, there are serious tensions in the ACC. Will they resolve the tension? I doubt it but who knows. Best hope for UConn is the tension between tobacco road and FSU or Delaney takes UConn directly or poaches ACC schools.

 

[ctchamps]

BC/Miami and maybe VT don't whine and squeal whenever Cuse and UL are brought up. That is why they got in. FSU probably didn't want Cuse or UL either, but got stuck with them when no one else really cared (aside from maybe Clemson).

Why did Tobacco Road and Virginia agree to Ville? They would want Cuse. Tobacco road wanted them the first time but the Virginia legislature got in the way.

 

[ctchamps]

i'm eagerly awaiting Louisville going bankrupt and uconn denying the acc for the 4th time

Probably will happen about the same time BCU becomes relevant in football and bb again.

 

[caw]

i'm eagerly awaiting Louisville going bankrupt and uconn denying the acc for the 4th time

Well UConn shouldn't bother applying for admittance to the ACC, because BC will always be there to try and make sure UConn and BC both fail at sports. Fortunately, thus far, BC has only succeeded at making themselves a failure at sports.

 

[upstater]

No worries Funster. They are everywhere these days.

Upstater, you're definitely on the money when it comes to accounting and the apples and oranges comparisons going on.

I guess the only thing I would add is that if you look at Jurich's body of work over 10 years, they are actually investing as much as any school in the country so the revenue figures may be inflated, but not by THAT much.

I think Pitino is one of the highest paid basketball coaches in the country. He recently said he would Coach Strong a top ten paid coach. I believe he is top 15 now.

And facilities construction has been massive. I'm just saying the evidence supports the fact that the AD makes an incredible amount of money. The extent and the level we just don't have enough info to really make accurate comparisons as you pointed out

I have no doubt that Ville and Jurich have done a great job. I don't think any UConn fan here is under illusions. What you're hearing from us is the national media denigrating UConn for not caring about facilities, or football, or having a poor athletic department, or for "forgetting who we are" as one ESPN person put it, or coming in 11th place in terms of the most desirable schools left behind UNLV and Houston, etc. It started when people were comparing UConn and Louisville, and it just went downhill from there.

 

[whaler11]

I have no doubt that Ville and Jurich have done a great job. I don't think any UConn fan here is under illusions. What you're hearing from us is the national media denigrating UConn for not caring about facilities, or football, or having a poor athletic department, or for "forgetting who we are" as one ESPN person put it, or coming in 11th place in terms of the most desirable schools left behind UNLV and Houston, etc. It started when people were comparing UConn and Louisville, and it just went downhill from there.

And this is on the leadership. They have lost complete control of the conversation. I've been patient with them - but this is on Warde and Susan.

 

[Alanin502]

"At least half of all sports fans in the Louisville MSA are University of Kentucky loyalists. Unless those folks are goo-goo for Lady Gaga or bonkers for The Boss, the Yum! Center has little chance of luring them in the door.
That goes for IU fans too.
Common sense and absent dollars say the Yum! Center has a seriously flawed business model. It not only ignores thousands of potential customers in its own backyard, but millions who live elsewhere in this state and across the river."

Somebody in the ACC didn't do some vetting.

Trest, Mark Coomes is pro-nba and wrote this in a manner to drum support with some misleading or missing facts.

The courier journal bluegrass poll showed that in basketball, only 33.3% in Louisville identified themselves as UK fans and 53.7% for UofL. In football only 20.8% identified themselves as uk fans and 61.3% said UofL. Mark, like other UK fans want to continue to falsely report their numbers as half the city or more.

There also is one main reason that he and UK fans want an nba team here. That is because they know it would kill UofL financially in lower attendance and revenue. This city isn't big enough corporate wise to support both. Corporations would choose the nba over UofL in suite and marketing sales. UofL would have to drastically reduce its prices to remain competitive.

The arena is not losing money like Mark leads you to believe. On Monday the Louisville Arena Authority held its first meeting since AEG took over as arena manager. AEG reported that the arena expects to TURN A PROFIT of 1.35 million for the fiscal year that ends in June, up 16% than what was budgeted. This is a result of better revenues mainly from arena rent, concessions and merchandise sales.

Booked events is not the problem and UofL books more than just the mens games. The women also play all their games there and averaged close to 11,000 last year. The main problem is the "Tif". The entire whiskey row block immediately east of the arena was supposed to have been completed last year but legal issues and the stabilizing needing to be done has them still sitting empty, not creating money for the tif district. The stabilizing is taking place now and once done they can finally be refurbished and leased.

 

[Alanin502]

this was painfully obvious when looking at the insane jump in "revenue" ville was claiming. The numbers just never made sense.

Don't confuse what the University makes to what the arena makes. UofL made a boatload of moolah. The arena is struggling but should make up some ground with the tif income once whiskey row is completed and leased.

 

[whaler11]

Trest, Mark Coomes is pro-nba and wrote this in a manner to drum support with some misleading or missing facts.

The courier journal bluegrass poll showed that in basketball, only 33.3% in Louisville identified themselves as UK fans and 53.7% for UofL. In football only 20.8% identified themselves as uk fans and 61.3% said UofL. Mark, like other UK fans want to continue to falsely report their numbers as half the city or more.

There also is one main reason that he and UK fans want an nba team here. That is because they know it would kill UofL financially in lower attendance and revenue. This city isn't big enough corporate wise to support both. Corporations would choose the nba over UofL in suite and marketing sales. UofL would have to drastically reduce its prices to remain competitive.

The arena is not losing money like Mark leads you to believe. On Monday the Louisville Arena Authority held its first meeting since AEG took over as arena manager. AEG reported that the arena expects to TURN A PROFIT of 1.35 million for the fiscal year that ends in June, up 16% than what was budgeted. This is a result of better revenues mainly from arena rent, concessions and merchandise sales.

Booked events is not the problem and UofL books more than just the mens games. The women also play all their games there and averaged close to 11,000 last year. The main problem is the "Tif". The entire whiskey row block immediately east of the arena was supposed to have been completed last year but legal issues and the stabilizing needing to be done has them still sitting empty, not creating money for the tif district. The stabilizing is taking place now and once done they can finally be refurbished and leased.

Guy you are in the ACC. What would possess you to care what anyone thinks about some article about an arena deal on another school's message board.

It's like some guy in the jungle found 20 years after the war ended.

 

[Alanin502]

Guy you are in the ACC. What would possess you to care what anyone thinks about some article about an arena deal on another school's message board.

It's like some guy in the jungle found 20 years after the war ended.

First off were in the Big East last I checked. Why would you care about our arena and discuss it on your sports forum? See, two can play that game.

I like Uconn. Especially the women's basketball program so I do come over from time to time. I saw some inaccuracies about that column and felt compelled to respond to it. There's two sides to every story.

 

[whaler11]

First off were in the Big East last I checked. Why would you care about our arena and discuss it on your sports forum? See, two can play that game.

I like Uconn. Especially the women's basketball program so I do come over from time to time. I saw some inaccuracies about that column and felt compelled to respond to it. There's two sides to every story.

You miss the point, but I shouldn't be surprised by someone who likes women's basketball. I saw on our board yesterday someone who agreed the Big East is 'vibrant'.

 

[RS9999X]

There also is one main reason that he and UK fans want an nba team here. That is because they know it would kill UofL financially in lower attendance and revenue. This city isn't big enough corporate wise to support both. Corporations would choose the nba over UofL in suite and marketing sales. UofL would have to drastically reduce its prices to remain competitive..

If you prefer a hockey team, Hartford has one available

 

[claver20l0]

Probably will happen about the same time BCU becomes relevant in football and bb again.

Banned? Really for making the same joke HFD makes?

Comical

Well Merry Christmas to all, it's been real

 

[specialisthusky]

Banned? Really for making the same joke HFD makes?

Comical

Well Merry Christmas to all, it's been real

Its a conspiracy.

 

[mattp]

If claver was banned it just shows that our skin is getting way too thin. Every once in a while he'd say something a little aggressive but was always a respectful poster and I wouldn't say he crossed any lines. I always liked how the boneyard never really banned people unless they were just complete d-bags. We don't need to be so defensive.

 

[specialisthusky]

If claver was banned it just shows that our skin is getting way too thin. Every once in a while he'd say something a little aggressive but was always a respectful poster and I wouldn't say he crossed any lines. I always liked how the boneyard never really banned people unless they were just complete d-bags. We don't need to be so defensive.

Claver hasn't brought anything other than trolling to the table in months. Once the hockey east discussions ended he went full bc poster. I congratulate him on being the first poster banned since observer??

 

[ctchamps]

Banned? Really for making the same joke HFD makes?

Comical

Well Merry Christmas to all, it's been real

The only person I know who didn't ban you was myself! But I suspect whoever did it probably was showing you how it feels for pettiness to creep into decision making. You're a microcosm for a macrocosm.

Speaking for myself I bear you no ill will. Merry Christmas to you!

 

[claver20l0]

If claver was banned it just shows that our skin is getting way too thin. Every once in a while he'd say something a little aggressive but was always a respectful poster and I wouldn't say he crossed any lines. I always liked how the boneyard never really banned people unless they were just complete d-bags. We don't need to be so defensive.

Appreciated.

Claver hasn't brought anything other than trolling to the table in months. Once the hockey east discussions ended he went full bc poster. I congratulate him on being the first poster banned since observer??

2 things:
1) Don't you recall me posting how I watched the Louisville game while visiting the family and boosting your numbers to prove you deliver the Fairfield County and by proxy NY market? HAVE YOU NO APPRECIATION?
2) Don't take this the wrong way, but I think you take the internet a little too seriously.

The only person I know who didn't ban you was myself! But I suspect whoever did it probably was showing you how it feels for pettiness to creep into decision making. You're a microcosm for a macrocosm.

Speaking for myself I bear you no ill will. Merry Christmas to you!

Well done.

 

[uconnbaseball]

Claver hasn't brought anything other than trolling to the table in months. Once the hockey east discussions ended he went full bc poster. I congratulate him on being the first poster banned since observer??

Meh. He was a little aggressive but calling him a troll is absolutely ridiculous. Just my opinion of course.

And Claver, understand that you are speaking from a relative position of strength (a power conference). UConn is hurting right now; duck*ing Washington State and Wake Forest are safe while we are on the outside looking in. Any aggression is going to be 100x worse than it seems. Again, it doesn't/didn't bother most of us. Alas, the fight MUST go continue, and I wish you well.

 

[Danzz]

What P/L for the Rent? I'd guess most venues are losers especially the ones that have been financed and have outstanding loans.

 

[zls44]

This thing is a boondoggle of the highest order.

http://thevillevoice.com/2013/01/29/damning-new-report-questions-arenas-future/

 

[upstater]

Ya know, Indy is going through the same thing for the Colts. The new dome is bankrupting the city. Word around the Super Bowl this week is that tickets go for face value. Baltimore apparently doesn't have enough high rollers going down to New Orleans. You'd think SF would send a few down. Hope my team makes it to the Super Bowl in NYC next year. I may actually plunk down $500 to see that game in the freezing cold.

 

[freescooter]

This thing is a boondoggle of the highest order.

http://thevillevoice.com/2013/01/29/damning-new-report-questions-arenas-future/

Cities seldom understand the impact of these crazy leases, because that's not the business they are in and they rarely want to hire the right people to analyze them because they don't build these facilities to make money, but to "better the community." That was clearly the case in this instance. And that is fine, but you need to understand your risks, too. A good analysis would have told them that something like this was a real possibility, but they wouldn't have wanted to know it because it would have put the Yum at risk. In all likelyihood they had very good legal advisors, who looked at the project from that perspective, but they probably relied on them for business advice too. Been there, done that and got the t-shirt. Public Authorities worry about the legal issues but rarely understand the business issues. And there is no question that if UL had to pay a market lease it would eat into its revenue. 50% of the revenues? Wow, that is great even by generous deals.

 

[Dann]

i think claver was banned or froze because he had multiple accounts fwiw...

 

[upstater]

Cities seldom understand the impact of these crazy leases, because that's not the business they are in and they rarely want to hire the right people to analyze them because they don't build these facilities to make money, but to "better the community." That was clearly the case in this instance. And that is fine, but you need to understand your risks, too. A good analysis would have told them that something like this was a real possibility, but they wouldn't have wanted to know it because it would have put the Yum at risk. In all likelyihood they had very good legal advisors, who looked at the project from that perspective, but they probably relied on them for business advice too. Been there, done that and got the t-shirt. Public Authorities worry about the legal issues but rarely understand the business issues. And there is no question that if UL had to pay a market lease it would eat into its revenue. 50% of the revenues? Wow, that is great even by generous deals.

I am not buying it. It's not done out of ignorance at all. Here in Buffalo, they have professionals with a lot of experience who studied the recent investment in the stadium. These people are easy to find. The real reason this went through is not sheer stupidity, but the fact that people sitting on UL's board also had a hand in the city's decisions. And before someone goes off on gov't versus business, I just read a study about the bribes German manufacturers were paying for Greek military contracts. Siemens is repaying Greece billions, for instance, for multiple bribes (some ranging in the $2 billion area) for contracts. Sitting on the board of Siemens was the CEO of Deutsche Bank, and when the Greek gov't sold bonds shortly after the deal was struck, guess who sopped up the entire offering? DB. When the bonds went belly up and the loan went sour, it wasn't only Germany that made DB whole (using the Greek bailout as a conduit) but the European taxpayer.

 

[CL82]

Brilliant and classy post.

I'm not here to troll or anything. I like UCONN and want to see them in the ACC or the Big 10. Just wanted to respond and discuss.

Troll test: Look for the following phrase in their post. "I'm not here to troll or anything."

Thank you for interest in the University of Connecticut.