Rutgers Stadium Fundraising Falls Well Short Of $30M Goal
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Private Fundraising For Rutgers Stadium
Shortfall Comes In Well Under $30M Goal |
A private fundraising effort to help finance the $102M Rutgers Stadium expansion "has brought in just a fraction of what will be needed to cover a $30[M] gap in the project's financing," according to Sherman & Margolin of the Newark STAR-LEDGER. Rutgers Univ. (RU) records show that New Jersey Gov. Jon Corzine's $1M donation has been "one of the few large contributions received since January," and the project as of September 3 has only received an additional $92,962. RU started the fundraising effort "after the state refused to cover a large shortfall in the financing" of the expansion. While RU officials "downplayed the response of the donors," New Jersey state Sen. Raymond Lesniak yesterday reiterated that the campaign will "likely bring in far less than the $30[M] target." Lesniak said that he was "disappointed, but remains hopeful that he and [Corzine] could eventually bring in a total of perhaps $10[M]." A cost analysis revealed that the school's BOG has been "examining alternate funding plans -- including hikes in ticket prices and the diversion of millions in stadium revenues from other athletics programs -- to help finance additional borrowing" (Newark STAR-LEDGER, 9/10).
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