Kaler said fundraising is still about halfway to their goal of $166 million.

[BleedGopher]

per Sid:

Fundraising update

The Gophers are about to ramp up construction on their athletics village project, but Kaler said fundraising is still about halfway to their goal of $166 million.

"We are at about $80 million," Kaler said. "We have several proposals out to donors. But I think it's understandable that major donors are waiting to see who the next athletic director is before they make the next investment. But we are breaking ground, and we do have enough money to get the project started and I'm confident we'll get it done."

He also said the plans to improve the Gibson-*Nagurski Football Complex and build the men's and women's basketball practice facilities will be the first wave of projects. The projected completion date is the winter of 2018.

http://www.startribune.com/beth-goe...arch-for-gophers-athletic-director/369204251/

Go Gophers!!

 

[Go4]

fundraising seems to have come to a screeching halt. what happens if we don't raise the rest? u just picks up the tab?

 

[GO4INLALALAND]

fundraising seems to have come to a screeching halt. what happens if we don't raise the rest? u just picks up the tab?

Not surprising considering the state of the men's bball program and the Kill's sudden retirement. These two programs need to start winning and hopefully the money will start coming in.

 

[Gopher028]

I remember an article that said a lot of alum, boosters and potential large donors are backing Najarian to be the next AD, so does that mean if they hire Goetz, we'll lose a ton of potential donors?

 

[MNGoldenGophers1]

fundraising seems to have come to a screeching halt. what happens if we don't raise the rest? u just picks up the tab?

The bonds the U issued are a debt instrument or essentially a loan that must be paid off with interest. The U is hoping that donors will pay off most or all of that debt. If the donations don't come in as projected, the U will have to pay off the bonds with other sources of revenue.

 

[matt]

I remember an article that said a lot of alum, boosters and potential large donors are backing Najarian to be the next AD, so does that mean if they hire Goetz, we'll lose a ton of potential donors?

Don't believe everything you read.

 

[SJUgopher]

Lol. What a ****ing disaster.

 

[Go4]

we've been stuck in this $70-80mm range for a long time. hard to imagine that we'll double the amount needed as the big push has already taken place, and now the urgency is gone for donors. most donors are enticed to give when nothing is moving, hard to want to give when the real motive is to pay down bonds, which everyone knows can be forgiven by the u if needed. it's not as if they are going to stop construction 48% of the way in because we've only raised 48% of the money needed, which is where we're at now.

 

[dpodoll68]

I remember an article that said a lot of alum, boosters and potential large donors are backing Najarian to be the next AD

Link?

 

[station19]

Isn't there a big bump in BTN revenue coming in the next year or two? I would think that would be considered as a fall back option.

 

[olddoc]

"Bonds may be forgiven by the U" the bonds are sold to people and institutions for the tax free interest they pay. These people expect to get their interest payments and then the full value of the bond when it comes due.
The U could default if it does not have the money to fulfill their legal obligations but that is not going to happen.
So the moneys will have to come from the AD or the University as a whole.
Even with the windfall that the BTN has become the MN AD breaks even now because of the student fees.

 

[Spoofin]

So the project has started and will be completed whether or not they raise the rest of the funds? In that case, I have zero interest in this topic anymore. Who cares - unless of course you just like to bitch about things like this.

 

[MNGoldenGophers1]

we've been stuck in this $70-80mm range for a long time. hard to imagine that we'll double the amount needed as the big push has already taken place, and now the urgency is gone for donors. most donors are enticed to give when nothing is moving, hard to want to give when the real motive is to pay down bonds, which everyone knows can be forgiven by the u if needed. it's not as if they are going to stop construction 48% of the way in because we've only raised 48% of the money needed, which is where we're at now.

This may be a very true statement. I think for some the big incentive to donate was to get the project started. Now that the project has started and will be completed, there is little incentive to donate if one's only goal is to see the project happen. Perhaps the only remaining incentive is that hopefully someone makes a big enough donation to get a building or something named after them.