The $92 million Field of Nightmares

[huskymedic]

Let’s try to keep it out of the Cesspool...

Your Money, Your State: The $92 million Field of Nightmares

>>The reality is the field was primarily built to house UConn’s football program.

But that relationship with UConn, which helps keep the stadium afloat, has hindered efforts to fill it, Freimuth said.

The reason is the lease with UConn. Aside from paying a $172,000 per game fee and the $250,000 subsidy to offset losses, the lease stipulates that the stadium cannot book events that don’t break even.

“In some ways, it restricts what you can do out there,” Freimuth said. “You really can’t experiment because you can run the risk of losing money. You have to have guarantees in place.”

He said without that restriction, it’s likely higher profile events and more revenue could be brought to the venue.

“We could make more risk assessments and produce more revenue,” Freimuth said. “But fundamentally, UConn is the primary tenant. And its responsible for up to a $250,000 loss.”

Stephanie Reitz, a UConn spokeswoman, said the school since 2014 paid the stadium about $8.1 million, including game rent and the $250,000 subsidy.<<

 

[Purple Stein]

"'The use is evolving. The reduction in attendance (at stadiums) is a national thing. The building is getting older and the expenses are not going to disappear. It’s a critical moment, no question.'"

Lots of critical moments around here lately...

 

[whaler11]

That article is so ridden with nonsense it’s hard to read.

Hartford Athletic? They were never supposed to set foot inside. You can’t lose something you never had. The Rent could never make money on a soccer team anyway because the lease would put the team out of business in 3 months.

Losing concerts to Xfinity? You mean the Xfinity that was there first and is a concert facility?

Development of retail around the stadium would have zero impact on the financials of the Rent. Might help East Hartford, but in theory this seemed to be about Rentschler’s financials not East Hartford’s bitching.

 

[zls44]

(Edited this to space my points out, sorry @whaler11 and @CL82)

I really think 75% of the financial issues with the program come down to what's in there. They pay rent for a stadium they don't own. Do you know how many public schools do that? UTSA, SDSU, maybe UCLA since the Rose Bowl is its own thing? Its ridiculous.

Take all the regular financial needs a G5 program has. Oh, now throw in renting their stadium. Its pouring gasoline onto a money fire.

But the good news is- they ALSO get to pay rent across THREE DIFFERENT SPORTS (MBB, WBB, Men's Hockey) in ANOTHER state-owned facility (XL). And for the next 2 years, they get to pay MORE rent to temporarily house THREE MORE TEAMS (MSoc, WSoc, Baseball) in TWO OTHER publicly-owned facilities (DDP, Dillon)!

 

[zls44]

That article is so ridden with nonsense it’s hard to read.

Hartford Athletic? They were never supposed to set foot inside. You can’t lose something you never had. The Rent could never make money on a soccer team anyway because the lease would put the team out of business in 3 months.

Losing concerts to Xfinity? You mean the Xfinity that was there first and is a concert facility?

Development of retail around the stadium would have zero impact on the financials of the Rent. Might help East Hartford, but in theory this seemed to be about Rentschler’s financials not East Hartford’s bitching.

There's *always* an excuse for everything with Freimuth. Its always someone else's fault but NEVER the CRDA's. Time for fresh leadership there. New ideas. Long, long overdue.

Michael Friemuth has been a total disaster. Every single CRDA project under him has become some sort of disaster. Every last one.

 

[pepband99]

Another hit job by our wonderful CT media.

Never mind the vacant (really vacant) state-built, purpose-only facility wasting away in New Haven.

 

[CL82]

Let Vince McMahon buy it for an XFL team and use the proceeds to build a stadium on campus.

 

[zls44]

In a time when stadiums were coming out of the suburbs and back into cities/areas with young professionals, UConn ended up doing the opposite. Because 15 people in Mansfield would've been upset over road widening they needed anyway.

Good job, everyone, really great, this solution is benefiting absolutely nobody.

 

[zls44]

Another hit job by our wonderful CT media.

Never mind the vacant (really vacant) state-built, purpose-only facility wasting away in New Haven.

Ok Mr. Freimuth.

 

[CL82]

In a time when stadiums were coming out of the suburbs and back into cities/areas with young professionals, UConn ended up doing the opposite. Because 15 people in Mansfield would've been upset over road widening they needed anyway.

Good job, everyone, really great, this solution is benefiting absolutely nobody.

I blame Kraft and his Hartford dalliance as the reason why East Hartford got the nod. He can go die in a hole.

 

[pepband99]

Ok Mr. Freimuth.

I’m serious, and no fan of the CRDA.

At least the rent is actually used. The tennis center is the biggest boondoggle in history.

 

[zls44]

I’m serious, and no fan of the CRDA.

At least the rent is actually used. The tennis center is the biggest boondoggle in history.

Oh, that thing is a very underrated disaster. Touted concert-hosting possibilities and then built it incapable of fitting the tour trucks. You can't even script it. Its such an amazing grift I almost respect it.

 

[Dooooooomed]

I blame Kraft and his Hartford dalliance at the reason why East Hartford got the nod. He can go die in a hole.

There simply weren't enough massage parlors in Hartford at the time.

 

[Adios]

Let Vince McMahon buy it for an XFL team and use the proceeds to build a stadium on campus.

Wouldn't sell for much. The XFL would need to be established for the state to have any leverage in the selling price.

 

[CL82]

Wouldn't sell for much.

Well there's no CT franchise so...

 

[freescooter]

UConn wanted the stadium on its campus and under its control. The state didn’t.They made a deal. Now the state doesn’t like its deal. UConn will likely renegotiate for a lower rent.

This is crap reporting. Reminds me of the time somebody stole 100 pounds of Hamburg from a UConn commissary and somebody else stole 100 pounds of gold from a UTC plant. Guess which theft was on page 1

 

[noeynox]

They really need to rework the terms of the lease. The stadium is almost 20 years old.

If you want to talk about millions spent by the state on buildings that are "fields of nightmares", where is the story on the Connecticut Juvenile Training School? How old is it, how much did cost to build, and is it even in use anymore?

 

[CL82]

They really need to rework the terms of the lease. The stadium is almost 20 years old.

If things were going well, would the terms be so bad?

As @zls44 pointed out the next time the CDRA runs something well will be the first time. If UConn owned its own stadium, there would be no issue of finding the right rental price. (Which is the State paying itself.)

 

[freescooter]

If Mike wans to see his empire totally disintegrate let UConn announce that once the rink is built UConn will cease playing basketball or hockey at the xl center. All games on campus.

 

[BlueDogs]

It’s still a beautiful venue... One we should be proud of. Just got built in the wrong place. College stadiums belong on college campuses. The story is laughable in light of the $70 Million spent on facilities for perpetually small attendance programs like softball, soccer and baseball (which are wonderful but not financially self sustainable by definition). This is just part of the public narrative process pushed by those intent on killing football.

 

[whaler11]

You’ll never know the true net impact. Sure UConn loses out on revenue at the Rent. They also don’t eat the cost directly of elevators that constantly break.

 

[whaler11]

It’s still a beautiful venue... One we should be proud of. Just got built in the wrong place. College stadiums belong on college campuses. The story is laughable in light of the $70 Million spent on facilities for perpetually small attendance programs like softball, soccer and baseball (which are wonderful but not financially self sustainable by definition). This is just part of the public narrative process pushed by those intent on killing football.

Rentschler Field is a beautiful venue? It’s 20 year old metal bleachers in a field in East Hartford.

It’s functional but beautiful?

 

[zls44]

We talk about resources all the time, imagine if the $$$ spent on rent was in the budget instead.

Think that $500k a year wouldn't help matters?

Instead, UConn pays rent *and* the state pays for the bonds. Could've just been UConn's stadium and UConn paying the bonds, now this ridiculous extra step funnels money right out that could be allocated to recruiting, coaching salaries, etc.

 

[BlueDogs]

Rentschler Field is a beautiful venue? It’s 20 year old metal bleachers in a field in East Hartford.

It’s functional but beautiful?

It’s clean, well maintained, has good flow, seats are accessible and has good views pretty much everywhere. I like it. The only thing is the skybox side is biting cold by mid-season.

 

[noeynox]

If things were going well, would the terms be so bad?

As @zls44 pointed out the next time the CDRA runs something well will be the first time. If UConn owned its own stadium, there would be no issue of finding the right rental price. (Which is the State paying itself.)

Yes.

But the glory days are not coming back is kind of the point. UConn is a state entity, so i don't know what would be involved in the stadium becoming UConn's property. I tend to believe UConn probably wouldn't want to own it to avoid being responsible for its up keep, but admittedly i don't have a clue on any of pros and cons of UConn owning Rentscheler Field.