Pitino: “That’s why next year, the only game we’re playing at Carnesecca is Connecticut. The rest, we’re gonna negotiate.”

[CL82]

Why do you think that the rates we're charged by the CDRA for playing at The Rent are relevant when estimating " lost revenue"?

Because it was specifically referenced by Dave Benedict when he pointed out the $7.5 million of revenue lost due to playing at CDRA venues.

Why do you believe that questioning the predatory pricing of the CDRA is only possible if a new football stadium is built in Storrs? Or have you finally dropped that strawman argument?

 

[Umami Zen]

Rick is just trying to get real estate inside Danny's head. New York guy playing around with a Jersey guy.

 

[CL82]

Hey guys - nice win against X last night. St. John's breaks even on the Garden at 8,000 tickets. After 8,000, it's all profit to the school. They only lose money if sales are under 8,000. In Mullin's last two seasons as coach, they averaged over 15k for their Garden games and sold out almost all in 2019. It ebbs and flows with how the team is. Not sure what the break even point is for UConn at XL but assume it would be less?

Thanks, good info. For what it's worth, UConn pays $40,500 plus a three dollar per ticket surcharge to lease the XL center. Connecticut does not get any of the profits from concessions or parking. Practically speaking, Connecticut needs to sell out the XL center in order to make as much revenue as selling out Gampel 10,500 seat Gampel Arena a venue in which we do profit from concessions and parking.

Do you know what the lease fee is for MSG for St. John's?

 

[WestHartHusk]

No way they are giving up UConn at MSG. They are getting $100 for last row seats and the game is nearly sold out.

 

[ConnHuskBask]

Because it was specifically referenced by Dave Benedict when he described the $7.5 million of revenue lost due to playing at CDRA venues.

Why do you believe that questioning the predatory pricing of the CDRA is only possible if a new football stadium is built in Storrs? Or have you finally dropped that strawman argument?

Revenue = ex: Tickets Sold, PSLs, etc.
Expense = ex: CDRA fees
Net Income = Revenue less Expense

Revenue is derived independent of expense.

So how in the world can you say you are missing out on revenue, when (if playing in East Hartford) the major variable you are hoping to change is an expense.

The only way this makes is if you and UConn are conflating revenue with net income.

 

[Kemba Time]

Hurley and the players don't particularly like playing there and it also involves the additional cost of having the team stay overnight in Hartford, but it's workable.

I think Hurley and his players like playing in Hartford a lot more now that practically every game is a sellout and UConn games have become the thing to do in the state again than they did when he first got here and he was looking up at 9,000 disenchanted fans for losses to UCF and Tulsa.

Pretty much everyone can agree that XL/Hartford is a really strong environment when it is sold out and rocking, and that's what it's like every time UConn takes the court now.

It wasn't exactly loved at the time, but one of the smartest business decisions our AD has made was attaching multiple XL non-conference games to purchasing tickets for the best Big East games. It created new revenue from excess supply and has also filled a lot of seats for those early cupcakes.

 

[CL82]

Revenue = ex: Tickets Sold, PSLs, etc.
Expense = ex: CDRA fees
Net Income = Revenue less Expense

Revenue is derived independent of expense.

So how in the world can you say you are missing out on revenue, when (if playing in East Hartford) the major variable you are hoping to change is an expense.

The only way this makes is if you and UConn are conflating revenue with net income.

Lol, I don't have to say it, Dave Benedict said it. Again, you either think he's lying or you don't. Personally, I believe him.

Good to see that you've dropped you can't question CDRA pricing unless you build a football stadium in Storrs strawman. It wasn't a good look.

 

[Redmen9194]

Thanks, good info. For what it's worth, UConn pays $40,500 plus a three dollar per ticket surcharge to lease the XL center. Connecticut does not get any of the profits from concessions or parking. Practically speaking, Connecticut needs to sell out the XL center in order to make as much revenue as selling out Gampel 10,500 seat Gampel Arena a venue in which we do profit from concessions and parking.

Do you know what the lease fee is for MSG for St. John's?

I believe the lease fee is around 430k per game and the Garden takes 20% of ticket sales. SJU does not get concessions either. Obviously at CA all revenue and concessions go directly to the school like Gampel and SJU has now started selling alcohol at on campus games so revenue likely increases slightly with that. But CA holds around 5600 and ticket prices are obviously less than at the Garden. For example, for the Marquette game the cheapest ticket right now is around $83.00 (not talking about secondary market). It's hard to gauge what the profit to the school would be because the lower bowl tickets go for around $150 dollars and the court level seats go for several hundred so that effects the profit margin greatly. The school would have taken in several hundred thousands in profit last night so it does make sense even with 2/3 capacity. And that is not counting the donation required for season ticket holders.

 

[ConnHuskBask]

Lol, I don't have to say it, Dave Benedict said it. Again, you either think he's lying or you don't. Personally, I believe him.

Good to see that you've dropped you can't question CDRA pricing unless you build a football stadium in Storrs strawman. It wasn't a good look.

If he's backing out the CDRA fee (an expense) by 1) either renegotiating their agreement at the Rent or 2) playing fb games on campus and thereby no longer having a the CDRA expense, and in turn calling it lost revenue, he's classifying it incorrectly.

Changing the expense, changes net income. Not revenue.

 

[CL82]

If he's backing out the CDRA fee (an expense) by 1) either renegotiating their agreement at the Rent or 2) playing fb games on campus and thereby no longer having a the CDRA expense, and in turn calling it lost revenue, he's classifying it incorrectly.

Changing the expense, changes net income. Not revenue.

Lol, that moment when you realize that after dropping your "you can't question the CDRA's predatory lease rates toward UConn unless you build a new football stadium in Storrs" and the only argument you have left is you have left is accounting pedantry.

 

[ConnHuskBask]

Lol, that moment when you realize that after dropping your "you can't question the CDRA's predatory lease rates toward UConn unless you build a new football stadium in Storrs" and the only argument you have left is you have left is accounting pedantry.

My only contention throughout has been that we're not being told the full financial picture. If you think revenue vs net income is "accounting pedantry", then so be it.

 

[CL82]

My only contention throughout has been that we're not being told the full financial picture. If you think revenue vs net income is "accounting pedantry", then so be it.

Actually no, you've hopped around to a few different things, including the suppose requirement that we have to build a football stadium in Storrs to be able to question the CDRA's predatory pricing toward the university.

You do understand that common usage in the vernacular is different than reading the footnotes in financials, right?

 

[ConnHuskBask]

Actually no, you've hopped around to a few different things, including the suppose requirement that we have to build a football stadium in Storrs to be able to question the CDRA's predatory pricing toward the university.

You do understand that common usage in the vernacular is different than reading the footnotes in financials, right?

"I realize my understanding of the terminology at the crux of the argument is wrong, so let me resort to saying most people get it wrong, too."

 

[CL82]

"I realize my understanding of the terminology at the crux of the argument is wrong, so let me resort to saying most people get it wrong, too."

... said every pendant ever.

 

[Waquoit]

The Hartford haters make it sound like UConn plays in Gampel for free.

 

[Kolumbo]

 

[CL82]

The Hartford haters make it sound like UConn plays in Gampel for free.

Relatively speaking, they do. But I'm sure that the cost of playing a game in Gampel is a known figure. Why don't we just use that as the "lease rate" for playing in Hartford?

For what it's worth, the administration, coaches, and players, all prefer to play at Gampel. If the university is playing games at the XL because the state wants the economic development it generates in Hartford, should the university have to pay to do that?