feCal cant finance their stadium

[SoCalTrjn]

As state legislators shrink its appropriations, it's hard enough for the University of California-Berkeley to maintain the nation's highest academic ranking among public colleges.

But there now looms a financial threat from another, somewhat unlikely quarter: the university's football program.

Until now, the years-old effort to renovate the school's football stadium, which sits on an earthquake fault line, never raised many alarms. Although its $321 million price tag would make it one of the most expensive renovations in college sports history, the university said the project would be funded privately, largely through long-term seat sales and naming rights.

But three years into the fund-raising effort, a projected $270 million from the sale of seats has failed to materialize. At the end of December, the school had collected only $31 million in the first three years of the sale. Now it has become clear that the university will have to borrow the vast majority of the money.

In recent interviews, university officials acknowledge that if revenue projections fall short and won't cover the bond payments, the shortfall "would have to come from campus."

The idea that money for the football stadium could come from campus funds, which include student fees, is an admission likely to stir outrage at a school that's already facing possible double-digit tuition increases. "It is disconcerting that the university may be gambling with student fees and other academic funds to cover a massive financial commitment for a football stadium," said Cal computer-science professor Brian Barsky.

John Wilton, the school's vice chancellor for administration and finance, said the stadium project is "a fairly complex project and financing model that has many moving parts" that should be judged over the long term. He said that under most projections, the school won't have to dip into campus funds for many years.

"We're not asleep at the wheel here," said Sandy Barbour, Cal's athletic director.

To outsiders, what's surprising is that this expansive project is happening at Cal, a school that hasn't had a powerhouse football program in years. Cal hasn't played in the Rose Bowl since 1959 and doesn't routinely sell out its stadium. (The school is reducing capacity in the renovation to roughly 63,000 from about 72,000.)

Unlike some athletic powerhouses, Cal's athletic department isn't self sufficient. From 2003 to 2011 it stayed solvent only by receiving a total of $88.4 million in campus funds, according to research by Barsky. Wilton, the vice chancellor, said the figure doesn't account for donations to the university that might be inspired by the school's athletic programs.

The stadium situation comes at a time of financial anxiety on campus. After the state legislature last year slashed $650 million from the University of California system's previously $3-billion budget, tuition at UC schools rose 17% for in-state students and 5% for nonresident ones, prompting student protests and sit-ins on the Berkeley campus. With California already leading the nation in tuition increases, the UC system has said that annual tuition spikes could range from 8% to 16% over the next four years....

http://online.wsj.com/article/SB1000142 ... 41598.html

They tried canceling baseball last year, how long before they try canceling football

[Goober McTuber]

One shit troll shitting on another shit troll, and the first word in the title of the thread is “fecal”. Brilliant.

[The Seer]

Cal hasn't played in the Rose Bowl since 1959

That alone stands on it's own.

Very impressive.

Most teams can have a good year by accident.

[SoCalTrjn]

Has Arizona ever played in the Rose Bowl? I realize they have only been in the Pac since about 1978, making feCals run still more amazing, but Zona never playing in the Rose Bowl is pretty funny. Guess Utah and Colorado are on the clock now too

[Laxplayer]

Bullshit....don't you see the articles written in the Bay Area M-stool newspaper. Cal sells out every game and has 42 national championships in a row as well as producing EVERY NFL draft pick in the last 25 years because nobody in D-1 CFB can hold their jock strap. Get with it guys. That article is a ploy from the right wing to upset the liberal apple cart that is Berkley.

[M2]

Get with it guys. That article is a ploy from the right wing to upset the liberal apple cart that is Berkley.

No, you slow-cals are just dumber than a box of rocks...

But three years into the fund-raising effort, a projected $270 million from the sale of seats has failed to materialize. At the end of December, the school had collected only $31 million in the first three years of the sale. Now it has become clear that the university will have to borrow the vast majority of the money.

Psst... the 270 million wasn't to be collected all at one time... you idiots. It was to be spread out over a 30 year period through ESP sales.

About 85 percent of ESP participants have chosen to spread their payments over time, which means they are paying annually up to 30 years...





It's embarrassing having slow-cals... as part of our demographic.

[R-Jack]

The new Pac-12 television-rights deal will nearly double Cal's broadcast revenue before expenses, helping the athletic department not only to make debt payments but also to wean itself from university support.

You forgot that part Toejam.

[Terry in Crapchester]

They tried canceling baseball last year, how long before they try canceling football

You mean they haven't yet? Coulda fooled me.

[Laxplayer]

Cal has a football team?

[SoCalTrjn]

Tedferd and his team of pussies is holding a 5.00 car wash in the parking lot to help raise funds to pay for their field. They figured that since no one will pay to watch them play, they will have to actually give them something worth the 5 dollars. They also have bake sales planned for this week, in honor of 420 they will be taking a page from Oregons playbook and provide pot Brownies in their bake sale.

Psst... the 270 million wasn't to be collected all at one time... you idiots. It was to be spread out over a 30 year period through ESP sales.

About 85 percent of ESP participants have chosen to spread their payments over time, which means they are paying annually up to 30 years...

While there is debate about how much of the money was suppose to come from bonds and how much from ESPs (Cal fans in the past claimed the bulk of the money was from ESPs), there is no debate that Cal was planning to get a lot of money from ESPs to fund the project. However Cal's ESPs are not a true endowment, people can back out of them without penalty at ANY time. Cal's financing plan is based on those people continuing to pay as if it were an endowment, until all the money and interest is paid back.
Cal is funding a stadium based on the fickle fans continuing to pay their ESPs (which they are not obligated to) for the next 30 years.
Berkeley being a cess pool of liberal scum bag you know damn well these muts are expecting a government bail out. California tax payers need to pull the plug on that money pit

[R-Jack]

None of what you said changes the fact that there is available money to pay for the thing. Just like rearing sons who won't be reared as adults, you failed.