Important OCS Update

[bulloni]

Page 27 points out we are currently having around 20k tickets scanned per game, given historical trends with new stadiums and attendance they estimate we'll have around 24k tickets scanned per game with the OCS.

Estimates it'll generate 20.5 million in net operating revenue with 5.3 million in operating expenses.

[79 Bull]

2 minutes ago, bulloni said:

Mentioned on the doc is the recommended building program: 35k seat capacity. 10k seats dedicated to scholarship seating (student section?). 1,200 club seats. 40 loge boxes. 24 luxury suites. Field level club with capacity to support 800 memberships.

If we're going to allocate 10k seats to students and 3k seats for visitors (in most contracts these days), I really think they need to consider going to 40,000 now even if 5,000 of that is standing room/berm/open concourse/gen adm bleachers.  I know we want to create demand and can expand in the future, but 35k just sounds too small now.

[bulloni]

1 minute ago, 79 Bull said:

If we're going to allocate 10k seats to students and 3k seats for visitors (in most contracts these days), I really think they need to consider going to 40,000 now even if 5,000 of that is standing room/berm/open concourse/gen adm bleachers.  I know we want to create demand and can expand in the future, but 35k just sounds too small now.

it also points out we're only having 20k tickets scanned per game now and 35k is to create some scarcity/demand to drive season ticket sales. If we start selling out every game and need to expand in a decade thats a good problem to have

Edited May 17, 2023 by bulloni

[bulloni]

Page 90 shows 2 design options.

1.) A hybrid of Houston and Colorado State's new stadiums. Estimated cost to construct in Tampa in 2025 is 200 million.

2.) A hybrid of San Diego State and Colorado State's new stadiums. Estimated cost to construct in Tampa in 2025 is 300 million.

Sounds like we're going with option 2, if you want to know what the stadium/amenities look like googling those two stadiums probably gives you a good idea.

It does mention for option 1 we'd already have all the money we'd need based on debt financing, philanthropic fundraising, and capital seat gifts. For option 2 there is currently a 100,000,000 funding gap. On page 96 it goes over how they'd fill that gap. Student fee's seem involved.

Edited May 17, 2023 by bulloni

[CousinRicky]

1 hour ago, Mike Stuben said:

I could be wrong, but I don't think the stadium is $340 million of expenses in day 1, but instead, $340 million of expenses paid out throughout the construction process. They may have 3+ years to fundraise, ask for student fees, rent luxury boxes, sell seat licenses, whatever (not saying we are doing all of those things, just things that popped into my head). 

(and of course, you still fundraise after that first $140 million, because more fundraising can be to pay off the bonds).

I guess it is possible to use some of the sales/license fees the first 3 years but once the stadium is open that money will probably go toward operating expenses???  I am no expert in this stuff so just things that cross my mind.  

[belgianbull]

Just now, bulloni said:

Page 90 shows 2 design options.

1.) A hybrid of Houston and Colorado State's new stadiums. Estimated cost to construct in Tampa in 2025 is 200 million.

2.) A hybrid of San Diego State and Colorado State's new stadiums. Estimated cost to construct in Tampa in 2025 is 300 million.

Sounds like we're going with option 2, if you want to know what the stadium/amenities look like googling those two stadiums probably gives you a good idea

That's fantastic news since  those stadiums are all great stadiums. My biggest fear with the OCS was that we would follow the FAU and Tulane model, but its now clear that the stadium we intend to built will be Power 5 level.

[Mike Stuben]

4 minutes ago, CousinRicky said:

I guess it is possible to use some of the sales/license fees the first 3 years but once the stadium is open that money will probably go toward operating expenses???  I am no expert in this stuff so just things that cross my mind.  

The elephant in the room is increased student fees to help pay for the stadium. No idea if Athletics will ask, but that could make a big difference. 

Edited to add - this doesn't appear to be in the plans based on a later post. 

Edited May 17, 2023 by Mike Stuben

[CousinRicky]

1 hour ago, bull2saintleo said:

Per this article, 5.5%.

USF football on-campus stadium finally has a budget and debt estimate

---

Committee meeting documents reveal the first concrete budget for the Bulls’ proposed stadium.

 

 

Glad there is an explanation in that article.

The other $140 million will come from the school. Here’s the breakdown, according to the agenda item:

· $50 million from the USF Foundation

· $31 million from the capital improvement trust fund

· $34 million from auxiliary funds and proceeds from the 2017 auction of TV broadband

· $25 million in cash, contingent on closing a sale of broadband license

This is what happens when I post as I read instead of going through all the pages before posting.

[Bull Matrix]

23 minutes ago, CousinRicky said:

Glad there is an explanation in that article.

The other $140 million will come from the school. Here’s the breakdown, according to the agenda item:

· $50 million from the USF Foundation

· $31 million from the capital improvement trust fund

· $34 million from auxiliary funds and proceeds from the 2017 auction of TV broadband

· $25 million in cash, contingent on closing a sale of broadband license

This is what happens when I post as I read instead of going through all the pages before posting.

Well done 

[79 Bull]

So 10,000 "scholarship" seating are non-club seats that require a capital gift/initial license per the chart below which identifies the pricing for such seats.  Also, they've only allocated 6,000 seats to students which I think is proper at over 17-18% of all seats.