The trustees will meet this afternoon.
Senator Pryor was more right than he could have guessed, it seems. I think we needed to do something with the NEZ but maybe not $160 million worth.
The $160M was for more than the NEZ, but regardless, it does not look like a wise use of that much money right now. Combination of two disastrous seasons with a disastrous pandemic & the UA AD is badly overextended.
Yup. Some Americans with Disabilities work included IIRC, east boxes/suites, concourse updating, etc. But a whole lot of money.
Indeed. Two major upgrades were elevators & additional stairs at the north ends of the west & east grandstands.
As expensive as the updates were, the west stands need major upgrade work. I was in them for the first time in years a couple of seasons ago. I’d forgotten how crowded & antiquated the concourses & concession areas were.
The trustees approved the loan without opposition. Hunter Yurachek told trustees the department is expecting a revenue reduction of at least $20 million. It had projected $124.6 million earlier this year, but noted that was an “optimistic” projection in which everything had returned to normal by the fall.
The bond payment attributed to the NEZ is very minimal this year, it’s $2.46M, so complain about the other facilities, lol.
The majority of the debt service this year and next are for:
• Razorback Stadium renovation
• Jones Center
• Basketball Performance Center
• Fowler Center
• Smith Center
• McDonnell Field
Get the virus behind us and start winning, the $$ will flow. This is an SEC cash machine if managed right (including coach hirings) and if football and basketball teams win. This is a fix for a short term problem. Or what I hope and think is a short term problem. $19 million is not a lot of money all things considered, even if it goes only to interest and principal debt payments. Borrowing to fund borrowing is not ideal, but it happens.
You mean Jerruh didn’t just write a check for the Jones Center in one swoop?
The thing I worry about is future projects like refab or a new Barnhill Arena for volleyball and gymnastics.That was coming in two to four years. Matt has that info better than me.
Before BWA redo? I figured BWA was next on the schedule of facilities to receive an upgrade.
I’m still thinking BWA might end up as the gymnastics venue after a redo; they get pretty good crowds. But they can’t keep Barnhill indefinitely. It’s been 45 years since the expansion there.
I think the Bud Walton Arena renovation is next on the radar after the three current constructions/renovations are completed. It might get bumped back a little because of the current situation, but I’m not sure if it will be a significant delay.
Clayton Hamilton, the UA’s athletics CFO, mentioned something in passing yesterday that is significant, and that is the SEC’s revenue distribution is expected to increase significantly in a few years. The SEC has been paying somewhere in the neighborhood of $40-45 million per school the past few years. The new football TV rights are supposed to increase several times over, and I’ve seen some projections that each school will be receiving in excess of $80 million per year by the end of the decade.
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