STrib: U athletics project start date could be delayed; CFO says "big hill to climb"

[BleedGopher]

STrib: U athletics project start date could be delayed; CFO says "big hill to climb"

per the STrib:

The University of Minnesota’s chief financial officer said Friday that the school has a “big hill to climb” with fundraising if it’s going to begin construction of its proposed $150 million athletics facilities project by October.

The Gophers took more steps up that hill Friday, when they announced a $6 million gift toward the project from retired telecommunications executive Robert Eddy. The gift brings the total raised to $65 million, said Chris Werle, senior associate athletic director.

University CFO Richard Pfutzenreuter said that, as with any project, the school must raise 80 percent of the money — in this case $120 million — before construction can begin. The other 20 percent can be financed and paid off through continued fundraising, he explained.

A university document released Friday states a complete financing plan must be ready for approval at the June 11-12 Board of Regents meeting in order to begin construction in October.

That gives athletic director Norwood Teague four months to raise another $55 million to make that timetable happen, a fundraising pace that would need to be nearly twice as fast as what it has been.

“It’s a big hill to climb,” Pfutzenreuter said. “Norwood wants to equivocate on putting the pressure on donors to contribute, but that date will have to slide if there’s no overall financing plan to move the project forward.

“The Board of Regents won’t approve it, and it doesn’t get past the president [Eric Kaler] or I without 100 percent of it figured out.”

http://www.startribune.com/sports/gophers/291125071.html

Go Gophers!!

 

[maroonfive]

Glen Taylor needs to step up. Flip bleeds maroon and gold. He needs to twist his arm. Lets go.

 

[short ornery norwegian]

Norwood Teague was hired because he was supposed to be an ace fund-raiser. Time to put up or shut up.

It would very embarrassing for the U to come out and make all these announcements about new facilities - then have to turn around and admit that "ah, we can't start yet because we can't raise enough money." Not to mention the reaction by the coaches, especially Kill and Pitino, after they have been repeatedly promised new facilities, if the U can't close the deal.

 

[killme]

I guess I was under the impression the project was a lot closer to coming to fruition. Does anyone have anything positive to raise my optimism this will get done? Right now, it looks bleak. Very bleak.

 

[BilldGopher]

...Does anyone have anything positive to raise my optimism this will get done?...

Time to bring out naming rights...Menard's Field...Gander Mountain Training Facility...BWW Center...DQ Hall...

Go Norwood!

 

[e.bigelow]

Time to bring out naming rights...Menard's Field...Gander Mountain Training Facility...BWW Center...DQ Hall... Go Norwood!

Johnson Landscaping & Pavers Practice Facility, Taco Bell Food Court and so on.

 

[Maximus]

I guess I was under the impression the project was a lot closer to coming to fruition. Does anyone have anything positive to raise my optimism this will get done? Right now, it looks bleak. Very bleak.

positivity? 65 million in seven months for facilities the public will likely never step foot in is an amazing accomplishment.

negativity? A stand alone basketball facility near Williams would've probably been days away for shovels in ground.

 

[Ole]

I guess I was under the impression the project was a lot closer to coming to fruition. Does anyone have anything positive to raise my optimism this will get done? Right now, it looks bleak. Very bleak.

I smell politics.
I know for a fact that the design/engineering process has been started since the fall.

 

[Mulligan]

I smell politics.
I know for a fact that the design/engineering process has been started since the fall.

Thanks--glad to see I'm not the only one with that thought.

 

[BilldGopher]

Not to turn this thread into a Title IX argument but wasn't there some kind of gender equity challenge thrown out last month?

This is something that always hangs over the U than a lot of other land grant institutions. This is a potential factor too for corporate donors at least.

 

[spackler]

I still don't understand why the state can give half a billion to the ziggy stadium (in effect lining his pockets) and can't help out the state university.

Could they start building the part they already have 80% of?

 

[highwayman]

Glen Taylor needs to step up. Flip bleeds maroon and gold. He needs to twist his arm. Lets go.

Glen Taylor will never donate a dime to this project. He's a Mankato grad. His money is going there.

I still don't understand why the state can give half a billion to the ziggy stadium (in effect lining his pockets) and can't help out the state university.

Could they start building the part they already have 80% of?

The Legislature has made it perfectly clear that the U is never getting a dime. They already have an "unfair advantage" over the other State schools. That's why they have new State-paid arenas in Duluth, Bemidji, Mankato, and St. Cloud.

Say what you will, but without Tim Pawlenty and Dean Johnson, TCF Bank Stadium would still be a parking lot.

 

[Coach Taylor]

I agree with those on here saying this sounds a little political. My guess is the CFO hasn't been as involved in the process as he would like and when he read that Norwood and the Athletic Department where moving forward he thought he would flex his muscle a little bit. This is a little frustrating because as mentioned before $65 million would have been plenty for a stand alone basketball facility and an additional football facility would be very close to being done. Anyway, I hope they can get this figured out, hope a few more corporate partners can be found. Maybe it's time for the president to kiss and make-up with T. Denny if that's even possible.

 

[supadupafly]

Over reactions in 3..2..1. This will get done. Chill out.

 

[Ski U Master]

I still don't understand why the state can give half a billion to the ziggy stadium (in effect lining his pockets) and can't help out the state university.

Could they start building the part they already have 80% of?

They did their part with TCF Bank Stadium, this isn't on the legislature.

 

[Iceland12]

I agree with those on here saying this sounds a little political. My guess is the CFO hasn't been as involved in the process as he would like and when he read that Norwood and the Athletic Department where moving forward he thought he would flex his muscle a little bit. This is a little frustrating because as mentioned before $65 million would have been plenty for a stand alone basketball facility and an additional football facility would be very close to being done. Anyway, I hope they can get this figured out, hope a few more corporate partners can be found. Maybe it's time for the president to kiss and make-up with T. Denny if that's even possible.

"The university still intends to fundraise the entire $190 million project, similar to several other major athletics facilities projects underway around the country and Big Ten. But the immediate goal now is $120 million..


"University CFO Richard Pfutzenreuter said that, as with any project, the school must raise 80 percent of the money — in this case $120 million — before construction can begin. The other 20 percent can be financed and paid off through continued fundraising, he explained..


“Ideally they would have 100 percent before you put a shovel in the ground,” Pfutzenreuter said. “But the minimum is 80 percent — that’s a policy. Norwood knows it, and every dean and every faculty member knows it.

“I think this one’s going to be certainly a pretty big challenge, but I think if they can get there [to the 80 percent mark], we can figure out the rest.”

 

[loki]

They did their part with TCF Bank Stadium, this isn't on the legislature.

If the Vikings and Twins were not here this would have gotten done long ago. The money that is spent on pro sports isn't being spent on the U of M here (think how much Viking and Twins stadiums are). Oregon, Nebraska and Alabama don't have this problem. Neither do college teams in states that are far away from pro sport teams. People don't want to admit that because the focus is on pro sports here money and interest is divided and the U of M generally gets the shaft. Further, because the product is concentrated here in the Twin Cities and the fan base is dilutted both pro and college sports teams lag behind other places. Need to be focused like a laser to be the best. We as a state are not.

 

[Ski U Master]

If the Vikings and Twins were not here this would have gotten done long ago. The money that is spent on pro sports isn't being spent on the U of M here (think how much Viking and Twins stadiums are). Oregon, Nebraska and Alabama don't have this problem. Neither do college teams in states that are far away from pro sport teams. People don't want to admit that because the focus is on pro sports here money and interest is divided and the U of M generally gets the shaft. Further, because the product is concentrated here in the Twin Cities and the fan base is diluted both pro and college sports teams lag behind other places. Need to be focused like a laser to be the best. We as a state are not.

I don't see that as a problem, I would rather live in an area with all the pro sports even at the expense of my favorite team. I feel the state is indeed laser focused on being the best state we can be and retaining all the pro sports is a part of that overall life quality. Further, after some quick googling, it appears that it is unusual for practice facilities to be funded with state money all the ones I checked (not very in depth) were funded with athletic revenue and donations. Oregon has Nike money, Alabama has higher revenue and a better fan base, Nebraska is the same. I'm okay with having a "middle class" football program and enjoying overall life in Minneapolis than having to live in Alabama with a top flight program.

 

[Halsey Hall]

The great Steve Thommmmmmson of 'CCO this afternoon spelled out why the U can't raise the dough. It's because schools like Macalester and Hamline are sucking up all the donations. I swear on my dear Mother's grave he said that.

 

[loki]

I agree that MN is a great place with an impressive economy and livability stats but you make my point. If there was only one college sports team here rather than many pro teams, crowds would be bigger, revenue greater and the fortune 500 companies and legislator would be focused on the U like it is in other places without major pro cities nearby. I also agree with you that I don't want to live in Alabama or Wisconsin for that matter but the bottom line is you get what you pay for and that money is not focused on the U sports like it could be and because of that we struggle to keep up with the other teams and we will have to be okay with being mostly avg.

 

[1983]

It will get built and start this fall. Too far down the tracks for the train to stop now.

 

[Friend of the U]

What about the 24 M from the Big Ten Network and the Big Ten Bowl payout of 6 M? If Norwood is permitted to use that money than we are at 95 M and only 25 M left to be raised to put shovels in the ground. Something else I found interesting is that while our legislature refuses to assist in this effort the State of Wisconsin issued 49 M in bonds to help pay for the Badger facility upgrades.

 

[supadupafly]

It will get built and start this fall. Too far down the tracks for the train to stop now.

+1. But unfortunately the worrywarts, and the self-anointed "experts" on such matters, who post here will continue to have their unnecessary pity party nonetheless.

 

[mcgi0024]

I think Richard Pfutzenreuter just signed up for his own personal contribution.


Sent from my iPhone using Tapatalk

 

[gregbrady]

What about the 24 M from the Big Ten Network and the Big Ten Bowl payout of 6 M? If Norwood is permitted to use that money than we are at 95 M and only 25 M left to be raised to put shovels in the ground. Something else I found interesting is that while our legislature refuses to assist in this effort the State of Wisconsin issued 49 M in bonds to help pay for the Badger facility upgrades.

The BTN money goes to cover a lot of expenses in the athletic department and the Bowl payout goes to the conference and the B1G gives the U and each of the schools traveling to bowls expense money. All the bowl payouts get distributed equally to the 12 (soon Maryland and Rutgers will get full shares) teams in the B1G. That money then goes to the coffers of the athletic department to help offset the costs of all the sports at the U.

Our project will be bonded, just like any building at the U. All the pledges to the buildings goes to paying for the projects.

 

[Gophers7NatTitlesBadgers0]

Glen Taylor needs to step up. Flip bleeds maroon and gold. He needs to twist his arm. Lets go.

Glen Taylor will work on getting MSU-Mankato new facilities before helping the U.

 

[maroonfive]

Glen Taylor will work on getting MSU-Mankato new facilities before helping the U.

Mankato State doesn't need any new facilities. He already built the Taylor Center where no one shows up.

Go Gophers !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[station19]

I wonder if they've tried hitting up Tubby for a few million.

 

[short ornery norwegian]

During the Sports Huddle, Dave Mona mentioned that some boosters may not be making donations to the facilities fund because of the increase in the "required" seat donations for Gopher FB games. If that proves to be true, the Powers-that-Be at the U really may have shot themselves in the foot with the donation increase.

 

[GopherHomer]

During the Sports Huddle, Dave Mona mentioned that some boosters may not be making donations to the facilities fund because of the increase in the "required" seat donations for Gopher FB games. If that proves to be true, the Powers-that-Be at the U really may have shot themselves in the foot with the donation increase.

We need multi-millionaires (billionaires?) to donate 6+ figures. I highly doubt they are holding back because their seats went up a couple hundred dollars. What Mona said has zero basis in fact...he's just representing the easy path of the "common man."