Raymond James renovations

[bullsbucsfan426]

http://www.tbo.com/news/politics/deal-would-give-rayjay-100m-in-renovations-20151202/

Looks like the Bucs are renovating the stadium to make it a top class venue again. That will be helpful if we decide to stay in Raymond James a few more year for recruiting. No one else in the American can match those amenities except maybe Temple.

I did find this quote particularly interesting: 

Hagan, who was involved in the negotiations, said the Bucs also agreed to increase the percentage of money the sports authority receives for non-Buc events at the stadium, such as Monster Jams, concerts and University of South Florida football games.

The Bucs currently get the first $2 million annually from those events; the remaining profits are split 50-50 between the team and the sports authority.

Going forward, the Bucs have agreed to increase the sports authority’s share to 67 percent until revenues reach $3.5 million. If profits exceed that amount, the split reverts to 50-50.

Does this mean that we'll get additional money initially  from ticket sales? I'd hope so, I wouldn't be shocked if they've been getting the lion share of revenue from our ticket sales with attendance being so low. 

TSA better give our ticket sales money to us. After all we were the ones who worked so hard to get those tickets sold, not TSA. 

[NCBull]

I don't read that quote as necessarily pertaining to us; just the Bucs games.  And if it did pertain to our games, it looks like TSA would be getting more money, meaning whatever our cut is would be less.

[slick1ru2]

It means the Sports Authority gets more of the Bucs share from non-Bucs events up to $3.5m and then it reverts to the current 50/50.

[slick1ru2]

Sounds like the video board will be 3rd behind Jax and Dallas in size.

[bullsbucsfan426]

I don't read that quote as necessarily pertaining to us; just the Bucs games.  And if it did pertain to our games, it looks like TSA would be getting more money, meaning whatever our cut is would be less.

Don't really agree. Right now the TSA doesn't get a single penny from non-Buc events from the first $2M, which is what they mentioned. Now it looks like of the first $3.5M, TSA gets the first 67% or $2,345,000. I don't know how  much our annual ticket revenues are, but this will be helpful as long as we're getting our share.

[Thebullsfan]

This is good.

[MMW]

Are they sweetening the pot to make staying more attractive?  

You know the guys doing the analysis somewhere for the OCS have a spreadsheet with a cost benefit analysis work up.  This would monkey with their numbers if it increases our revenue by even a few 100k.  It would be a smart move by the Bucs.  

 

[HOTbull]

This doesn't say anything about a change in our contract with TSA, just that they're getting more of the money that would have gone to the Bucs. It's giving back the taxpayers more money. 

[Mike Stuben]

Guys - TSA/Bucs don't get our ticket money. We get our ticket money. There is a tax on each ticket that goes to the stadium (I think in the $1 to $2 range on paid tickets, not on students or comps). Otherwise USF gets their own ticket money. 

The article was talking about the money USF doesn't get, never got in the past and will not get in the future: such as a cut of food sold at our games, game day parking (USF does get x number of passes, which are sold as season passes and for game day working staff). 

 

Plus events like the Taylor Swift concert, there was approximately $700 k in profit, it get split between the Bucs and TSA, this new agreement impacts things like that. 

[GaUSFBull]

Are they sweetening the pot to make staying more attractive?  

 

No, I think they're doing these renovations to "keep up with the Joneses."  I believe Ray Jay is about 18 years old next year and it definitely needed some upgrades, especially to the Jumbotron like slick said.  There have been so many new stadiums since Ray Jay, I think the owners are pressured to make sure it's as up to date as possible, especially for consideration in getting Super Bowls.