Nebraska and Penn State are Scaling Back Stadium Renovations?
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- เผยแพร่เมื่อ 20 พ.ค. 2024
- Why are Nebraska and Penn State scaling back massive football stadium renovations? Are Big Ten schools running out of money? That seems unlikely because yesterday we learned the Big Ten Conference earned $880 million dollars in FY 2023. And that was before their massive new TV deals kicked in? So what's the problem?
CASH FLOW
Well, for starters, each school is going to kick in 20-30 million dollars a year for the next decade from the House vs NCAA lawsuit settlement. That's right! As we have claimed many times on Locked on Big 10, college football and college athletics in general is about to get kicked in the rear to the tune of several billions of dollars. Older, outdated stadiums may have to do for a while. Click here as we discuss this further.
SPYGATE
Connor Stalions, the accused mastermind behind the Michigan football Spygate scandal, is in the news again. That is because Michigan State Athletic Director Alan Haller is upset with the NCAA and Central Michigan because he has yet to hear from either of them as to if that was Stalions on the sideline of the season opener between CMU vs MSU, and, if so, why he was permitted to be there.
BASEBALL TOURNAMENT
Plus get ready for the Big Ten Baseball Tournament this week as it starts today and we close out with out fun weekly Tuesday Tweets segment. It is all right here at your fingertips on Locked on Big 10 with Craig Shemon.
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#collegefootball #BigTen #Nebraska #memorialstadium #PennState #BeaverStadium #WeAre #ConnorStalions #BigTenTournament #BigTenBaseballTournament - กีฬา
Well, Nebraska just opened a 351 million sports complex. And they're going ahead with a part of the hoped for stadium renovation. The second part was in doubt beore all this stuff hit the fan. The South stadium is not connected to any of the other parts of the stadium. So some of the facilities and things available there are not up to the even the current standards. What the fans really wanted are seat packs and some other amenities and renovations to the rest of the stadium and that's going to happen. But yet removing it was controversial cuz it's kind of like the bleachers where the cheap seats are and fans have been sitting there for decades. So it was a lot more involved here than bucks. But yeah, I think it's time to be a little more cautious with the funding.
Nobody cares about Nebraska.
Penn State decides within the Board of Trustees today at 10:30am, and they did approve the plan, with 26 approving and 2 declined
Happy the haters got marginalized. 26-2 with 3 not voting is very conclusive
@@davidbrown386 SAD the CORRUPT 26 DemonRats STOLE control of the BoT and WITHHELD the facts of hundreds of millions of debt the Athletic Department is already in!! But you go right ahead and keep supporting the BoT that were they ONLY ones that KNEW about Sandusky but told NOBODY and NOT a SINGLE ONE of them ever paid any consequences for!!!! Wait till the BILLION dollar DEBT comes due!!!
hell yeah it was approved today
It was wise to take a 2nd look at Nebraska's stadium remodel. In the 60's through the early 2000's the Huskers were relevant on a national stage. Since then many fans have realized it's easier to stay home where the fridge and bathroom are close plus they can watch the game on their 72" tv. While the games are "officially" sold out there haven't been 92,000 in the stadium for any games except a few big ones. There are also a limited number of donors with the money to make this happen and they still have to pay off the huge sports training center. NIL asks for their money plus the Nebraska medical school in Omaha is raising money. Until they find new sources for revenue they will only fund smaller renovations out of pocket.
I like it. I like them being responsible and sensible with these stadium projects
Nebraska's changes have nothing to do with money. They don't want to tear down 25k sests for 2 years the season they finally might actually start to be really good again. They want to do it in stages and start on the sidelines where they can more easily do the parts that displace fans in the offseasons and the parts that don't during the season. Sounds like they expanded the plan a bit too, adding the plan for a new video board to South Stadium to mirror the one in North Stadium and once it's done they will replace the North Stadium screen to bring it up to the new tech levels.
Is this your analysis, or is this reporting from within the university?
@@zplapplap It's what the guys at Husker Online that spoke with the AD about it said and they pretty much always know what they are talking about and don't make anything public unless it's a pretty sure thing.
But I mean, money at Nebraska isn't ever an issue. The entire athletic department has zero debt, recieves no subsities and donates $10M to the academic side of the campus each year. Pretty sure it's the only school in the country that does all of that while turning a profit.
From looking at the budget statements, Nebraska's athletic department had it's hiighest revenue fiscal year ever going over $200M ($204,831,356) in revenue for the first time during 2023 And was up $61M from 2022's revenue. With a total of $13,956,972 in profit.
That was of course helped by the more than $60M in donations they recieved as part of the "Go Big" fundraising drive they did to build the new massive 315,000 sq. Ft Football facility and it's stupidly big 32,000 sq ft weight room.
But it doesn't hurt that Football, Basketball and Volleyball are always all profitable. Football brought in $122,800,311 and spent $72,796,234 for a $50M profit.
And that includes the $8.3M they gave Scott Frost to not show up this past year.
Seriously, you really need to start interviewing other folks who cover their respective teams. The historical knowledge will give you more context for the comments so we as listeners can be more informed. This isn't a full renovation for $700 million but a winterization (already started) for playoff games and starting with the west side of the fans to add more premium seating.
As a PSU alum, investing in facilities has been an issue since 2012 after the scandal and sanctions. First, the school as a whole took the stance that PSU football couldn't be the face of the university and feed into the narrative PSU will do anything to win. Once that died down, board members such as Jay Paterno (yes, the son) and Anthony Lubrano felt like Joe Paterno was unfairly thrown under the bus and they're activist voters.
PSU has lagged in facility upgrades and NIL because of leadership who were adverse to the program. Only two years ago with a new president and new AD has things changed. Over $80 million in upgrades to Lasch was finished last year. And the Beaver upgrades were finally finalized and put to vote despite being first discussed in 2016. This could've been done when interest rates were at an all-time low but the same folks making those comments today were a bigger barrier yesterday.
Anything can happen but we assume it'll be approved. It's already understood these upgrades were foolishly deferred in the past so they'll cost more with inflation. And waiting even long means it'll cost much more with or without the NIL case.
Lastly, PSU athletics crossed the $200 million mark for the first time ever last year without the new B1G TV deal and future playoff deal kicking in. Combined, those two alone will be an extra $30 million to the department. So that $20 million price tag can be absorbed not to mention PSU is getting better at marketing itself as the largest football program in the northeast to rebuild the brand equity.
I happen to agree. There have been a vocal minority minority who opposed just about every single Penn State Construction Ptoject for decades ( cough, cough those associated with or quoted by Onward State. As for the Stadium things are so bad, I have read $200m in Beaver Stadium maintenance has been deferred until now: I expect the upgrade to go through ( although this might be the final nine figure sports project to be started for quite awhile because PSU ( like every Athlete Department) needs to see what happens after the House Settlement and players get paid.
@@davidbrown386 I'm watching the board meeting right now. The 30-year pro forma includes revenue sharing with athletes. I don't know how they arrived at the number, but I assume they're using the $20 million that's been floated. Based on the calculations, on the conservative end, PSU will still have a small operating net profit.
They're not taking out $700 million in debt at once to minimize debt interest payments. They will be staggering debt requests so as they build new revenue driving amenities, those amenities can help pay down existing and future debt.
@@davidbrown386 to Hell with the BoT......this is one of the multitude of alums that DON'T support that scam show led by the CORRUPT BoT. Go ask them how MANY HUNDREDS of MILLIONS the Athletic Department is ALREADY IN DEBT for?!!
Jay Paterno is a giant loser sucked as a QB coach and sucks on the board as well! He needs to go away!
NU is stepping back for valid reasons including Trev’s ego is not around anymore
Is conferences expasion on hold? Why spilt revenue at this time?
I agree with the RB list. As much as I like Mellusi, I think Walker will stand out for my Badgers next season.
Penn state just approved 700million plus renovations. That’s not scaling back.
The "?" at the end of the video's title makes this a question, not a statement. Craig simply gave an explanation why PSU might consider scaling back its stadium project..
I understand that some might consider the title click-bait. Of course it is, that's what gets more people watching. I bet he would get fewer clicks if the title was "Nebraska and Penn State stadium updates."
I'm content that Craig has enough current and relevant content to match the titles of his videos. Keep up the good work Craig!
Craig has noted he has been at it for almost 40 years, so there is no need to resort to clickbait like say Toll of Locked of Big 12 or the Monty Show with both of them using a National Inquirer like story “Duke Is being kicked out of the ACC.” You lost credibility with me since the vote for the renovation was overwhelming ( 26-2 with 3 people not voting).
Oregon Ducks fan here... I am watching Indiana vs Purdue baseball, and I am just now realizing not one BIG10 team is ranked in the top 25. Does the BIG10 not care about baseball?
We don’t. Baseball is only fun when the springs are nice. The northeast baseball season is mostly shitty weather.
Penn State hired the Coach from Boston College ( Mike Gambino) to a very lucrative contract, so they are investing in baseball. That said the dominant schools in baseball in the Big 10 will be USC, UCLA and Oregon.
I’ve noticed the same thing.
@davidbrown386 I will look forward to playing Penn State in the future!
wouldn't these schools achieve more on the field success by pouring all this money into NIL/ booster cooperatives ?
10-15 million dollars a year in NIL and transfer athletes would make nebraska and Northwester much better.
This is one of the reasons Nebraska is holding off.
The only reason you heard this from Penn State is because there are 3 or 4 BOT members that are hold overs from the Joe Pa era are trying to get what they want added to the project its all political at Penn State but they approved it anyway.
Beaver Stadium is a done deal. Much ado about nothing.
Do some homework. Nebraska south stadium is old and outdated. Most hate sitting there.
NU finished last season about $200 million in the black for athletics. That’s the plus side of zero for anyone not sure about basic economics. They are fixing the East and West sides of the stadium first since that’s where the donor$ sit. Once that’s done the South stadium is next. The original plan was to knock the whole thing down but fans and coaches balked about leaving an open end for the wind to whistle through during the season. Anyway, the last thing NU is is broke.
Nebraska fans so upset that you questioned their financial status 😂😂😂😂
How does the endowment work? I hear things like " well Michigan has a 25 million dollar endowment". I'm not exactly quoting the Dollar amount because I'm not exactly sure where it's at but I know it's a lot so what happens with that? Is that money just stashed away and if so do they ever use it? I understand the athletic department is separated from the academics but let's be honest! The football programs and bball programs for many of these universities has been the greatest advertising and revenue generator. Even if the academics department doesn't get a penny from the athletic department it absolutely benefits from kids and families choosing that university because the football program influenced decisions. Take Ohio state for example. Who in there right mind would want a degree from that hell hole? Well the football program is so good and popular it brain washed students into thinking that's a good degree to go get. Lol. I'm trolling a bit here but in all seriousness the schools academic department does make money from the athletics because the athletics makes the place popular. So going back to my original topic and question. What happens with endowment and why can't it be used to upgrade facilities? (Go Blue by the way! I'm sure none of you could tell!)
ENDOWMENTS...are "gifts" granted by individuals of organizations either on a "general" basis or a specific area. Some can be very specific. Like, money for books for ONLY Black kids and NOT for white kids. It's private money and lots of that has been pumped into Universities of Higher INDOCTRINATION over the past couple decades. Then there is general "gifts" to general tuition...or maybe for ONLY undergrads in a specifically name department with specifically named majors, or a specific SPORTS program. So even though Stanford has the largest Athletic endowment in the country of an estimated $1.5 Billion...it is not known how much of that can be used for the football team and how much goes to tranny water polo and pocket pool competition.
Nebraska out of money & support..😂A new AD took over, slowed things down to see how the future may go next seasons, maybe he doesn't want to scale back some on the seating like the old AD, do something different. 🤔Nebraska 400th connective sellout game is coming up. Nebraska Athletic Departments has never been in the red.
Some of you guys will do anything for clicks & views..Just because Nebraska prefers not to use the portal unless a need, like any other top 10 most winning program of all times. Who believes in recruiting high school kids & actually Coaching kids. Nebraska is just fine & no financial problems .😂
Upcoming dei initiatives taking funds from sports.
Not drawing from the same bucket.
College football is ridiculous. Paying all this money to watch a bunch of thugs chase a ball