Colorado State Generates More Revenue Than Expected From Football Stadium In First Year
Colorado State's new on-campus football stadium "generated millions of dollars more in its first season of operation than projected, strengthening confidence university officials have about the facility's long-term financial outlook," according to Kelly Lyell of the Ft. Collins COLORADOAN. CSU President & Chancellor Tony Frank said, “This year, in particular, the stadium will spin off excess revenue beyond expenses and projected expenses somewhere in the millions of dollars above what we have typically enjoyed.” Lyell noted construction of the stadium and the first two years of interest payments "were funded through the sale of revenue bonds" totaling $239M. The school is "counting on new revenue streams created by the facility to cover annual bond payments." CSU "averaged 32,065 fans, a school record, for its six home games at the new stadium." Luxury suites and loge boxes "sold out last spring, with purchasers required to commit to three-, five- or seven-year contracts." CSU Associate AD/Sales, Marketing & Communications Chris Ferris said that season-ticket sales "hit an all-time high of 15,477," up 40% from 11,046 in '16 with "about 1,000 more fans purchasing three-game mini-plans." Ferris also said that student attendance increased 15% "from an average of 6,494" in '16 to 7,455 "at the new stadium." Lyell also noted the school is "earning money from renting out parts of the stadium for events other than games." There were 130 non-football related events "scheduled from July 1 through Dec. 31" (Ft. Collins COLORADOAN, 12/16).
ONE STEP CLOSER? In Philadelphia, Marc Narducci cites sources as saying that Temple "continues to edge closer to making an on-campus, 35,000-seat football stadium a reality." Amid speculation that a vote on the stadium would take place tomorrow at a BOT meeting, sources said that "would not be the case." But sources have "suggested that the project is gaining steam, although all suggested there is still work to do" (PHILADELPHIA INQUIRER, 12/18).