December 2, 200916 yr Also, correct me if im wrong but they contractually have to do this if UC was to make a BCS game this year correct? Incorrect. The deadline on building the practice facility was taken out of the contract BK signed over the summer...
December 2, 200916 yr The only part that is true is that they are using bonds to get it started now. All money has been pledged by private donors, and the bonds allow them to stretch out payment. That's the only way the board would approve the bonds. The only part that might be even partially true is using some of the 3 million they are getting from VPI to move that 2012 game from Cincinnati to DC. But rumors are fun, so go with it... They are getting 10 mill in private donations? It may no longer be contractual but im sure there gonna do it to keep him, if its not in his contract it might as well be the buildings are going up. They are trying to build Rome overnight to keep BK but it is coming at a high cost and a high risk he could walk as we all know.
December 2, 200916 yr They are getting 10 mill in private donations? It may no longer be contractual but im sure there gonna do it to keep him, if its not in his contract it might as well be the buildings are going up. They are trying to build Rome overnight to keep BK but it is coming at a high cost and a high risk he could walk as we all know. The 10 million plus is already raised, and had to be for the project to be green lighted. The bonds allow for those large donations to be paid over time instead of up front. They have been working on this for 2 1/2 years, but keep spinning...
December 2, 200916 yr The 10 million plus is already raised, and had to be for the project to be green lighted. The bonds allow for those large donations to be paid over time instead of up front. They have been working on this for 2 1/2 years, but keep spinning... Take a look at this... something isn't adding up?? http://news.cincinnati.com/article/20091116/SPT0101/311160090/University-of-Cincinnati-will-finance-practice-fields November 16, 2009 CINCINNATI - The University of Cincinnati plans to borrow $9.7 million to start construction on several athletic practice fields on its main campus. To be completed by fall 2010, the fields are a critical factor in UC’s strategy to retain football coach Brian Kelly. • Photos: Renderings of UC practice fields The athletic department will pay for the $10.7 million project, repaying the temporary bonds through private donations and proceeds from game contracts. UC trustees are expected to approve the plan Tuesday morning. Enquirer President and Publisher Margaret Buchanan is one of nine UC trustees. Under the financial plan prepared for trustees, UC would borrow $9.7 million and raise $2.1 million to build the fields this year. The bulk of the fund-raising would happen in 2012-13, when it would receive $5.2 million, and the entire project would be paid off by 2015. The project includes 1 full practice field and one half field, plus a bubble to be installed over one of the fields. It would be located at Corry Boulevard and Jefferson Avenue and also would require relocating a water main and a chemical storage building. UC often borrows short-term money to bridge the gap when it knows that revenue will be coming. But it was unclear Monday morning just how many private donations have been raised for the project or what specific game contracts would be used. It has been trying to raise money for more than a year and the use of game proceeds for the practice fields is a new strategy. “The diversity of the funding leads to financial viability,” UC administrators wrote in the financial plan. Kelly, who has led UC to a 10-0 record and No. 5 national ranking, is perhaps the hottest commodity in national coaching circles and is sure to be mentioned for any high-profile openings this winter. According to his contract extension earlier this year, if UC plays in a BCS bowl game at the end of this season, the school is obligated to find an indoor practice facility at an off-site location. UC also is studying how much it would cost to renovate 35,000-seat Nippert Stadium, including adding luxury suites that would generate more revenue for the athletic department
December 2, 200916 yr But it was unclear Monday morning just how many private donations have been raised for the project or what specific game contracts would be used. It has been trying to raise money for more than a year and the use of game proceeds for the practice fields is a new strategy. The only game contract money I have been told that will be used to fund the project is an unknown portion of the 3.8 million (could be all and will at worst be most) they got from Virginia Tech to move the game to DC and the rest is from what has been pledged and donated in the fund raising drive that has been on going for a long while now. They want the project done ASAP so they went the bonds route to make sure it would happen as fast as possible. According to his contract extension earlier this year, if UC plays in a BCS bowl game at the end of this season, the school is obligated to find an indoor practice facility at an off-site location. It is in his contract that the athletic department has to pay for the team to use an indoor facility to practice for THIS BCS game if they win Saturday. That has nothing to do with the practice fields and bubble, which the deadline was taken out of the contract BK signed over the summer. This stipulation was put in to allow some time to finish raising the private donations on the facility, but still assuring they would have somewhere to practice indoors this December if they made it back to the BCS. Spin. Spin. Spin. Spin...
December 2, 200916 yr But it was unclear Monday morning just how many private donations have been raised for the project or what specific game contracts would be used. It has been trying to raise money for more than a year and the use of game proceeds for the practice fields is a new strategy. The only game contract money I have been told that will be used to fund the project is an unknown portion of the 3.8 million (could be all and will at worst be most) they got from Virginia Tech to move the game to DC and the rest is from what has been pledged and donated in the fund raising drive that has been on going for a long while now. They want the project done ASAP so they went the bonds route to make sure it would happen as fast as possible. According to his contract extension earlier this year, if UC plays in a BCS bowl game at the end of this season, the school is obligated to find an indoor practice facility at an off-site location. It is in his contract that the athletic department has to pay for the team to use an indoor facility to practice for THIS BCS game if they win Saturday. That has nothing to do with the practice fields and bubble, which the deadline was taken out of the contract BK signed over the summer. This stipulation was put in to allow some time to finish raising the private donations on the facility, but still assuring they would have somewhere to practice indoors this December if they made it back to the BCS. Spin. Spin. Spin. Spin... So the article is wrong in saying there borrowing the 9.7 mill your saying? Under the financial plan prepared for trustees, UC would borrow $9.7 million and raise $2.1 million to build the fields this year. The bulk of the fund-raising would happen in 2012-13, when it would receive $5.2 million, and the entire project would be paid off by 2015. I am not trying to spin anything it is Cincinnati.com literature. Also, remember it says the bulk will be raised in 2012-13 and paid off by 2015. UC has two dates in Columbus during that time, phat payouts.... It is not that big of a deal as long as BK doesn't walk.. then they gotta get someone else to generate revenue.
December 2, 200916 yr So the article is wrong in saying there borrowing the 9.7 mill your saying? Under the financial plan prepared for trustees, UC would borrow $9.7 million and raise $2.1 million to build the fields this year. The bulk of the fund-raising would happen in 2012-13, when it would receive $5.2 million, and the entire project would be paid off by 2015. I am not trying to spin anything it is Cincinnati.com literature. Also, remember it says the bulk will be raised in 2012-13 and paid off by 2015. UC has two dates in Columbus during that time, phat payouts.... The fund raising has already happened. The payouts from that fund raising is being stretched to then, and that is also the year of the VT game that brings in 3.8 million. The payout from the Ohio State game in 2012 is 1 million, and while that money could also be in the mix, I have not been told it is earmarked for the facility. The article admits they have no clue about any of the numbers, where they come from and how they will be used. I am giving you insight into that process that the local rag doesn't have. If you like, I'll stop...
December 2, 200916 yr Are the payouts from the fund raising guaranteed? If they are getting to stretch out the payments and say BK bolts...are they on the line to make the payments?
December 2, 200916 yr Are the payouts from the fund raising guaranteed? If they are getting to stretch out the payments and say BK bolts...are they on the line to make the payments? Everything raised so far is on a signed legal contract. If/when BK leaves the money still has to be paid...
December 2, 200916 yr I want John Gruden/Bob Stoops/Urban Meyer/Tony Dungy. In my opinion I think Notre Dame will have one of these 4 at the helm next year. And just like Calipari is doing at UK, the next coach will bring the Fightin' Irish back to the promised land!
December 2, 200916 yr The fund raising has already happened. The payouts from that fund raising is being stretched to then, and that is also the year of the VT game that brings in 3.8 million. The payout from the Ohio State game in 2012 is 1 million, and while that money could also be in the mix, I have not been told it is earmarked for the facility. The article admits they have no clue about any of the numbers, where they come from and how they will be used. I am giving you insight into that process that the local rag doesn't have. If you like, I'll stop... I didn't write the article you don't have to stop for me :lol: You should tell your people to contact Cincinnati.com if there putting false info out on UC's finances. The article says they have raised money but only 2.1 million that is probably why they need a loan. Furthermore it would make sense if they have all these games and money lined up. I am with LABS.. if he bolts that is where the problem may come in but I actually hope he stays I like him. Oh well it is not a UC finance thread just thought it was interesting and figured you would know.
December 2, 200916 yr I didn't write the article you don't have to stop for me :lol: You should tell your people to contact Cincinnati.com if there putting false info out on UC's finances. The article says they have raised money but only 2.1 million that is probably why they need a loan. I'll leave the topic at this. There is a reason the local rag is losing subscribers and money at a rapid rate, and bad/shoddy reporting is at the front of the line...
December 2, 200916 yr If and when Brian Kelly is named the next football coach at Notre Dame -- and the essential touch points of a deal could be in place by Sunday night if both sides want them to be -- the University of Cincinnati sideline chief might rival all for fast-change operandi. Backstage speculation is brewing that Kelly might resurrect an old trick and forsake whatever venue the bowl-bound Bearcats earn and instead drop shillelagh to stay through the holidays and beyond in South Bend. That means Kelly could stage- manage his first game for the Fighting Irish later this month if they accept a minor bowl bid. http://www.suntimes.com/sports/colleges/1915320,CST-SPT-od02.article :lol: Now that's good stuff
December 2, 200916 yr Yesterday it looked likely that he wasn't going to ND. Today it looks like he is. Wonder what's in store for tomorrow... :idunno: :lol:
December 2, 200916 yr First let me say this may be a rumor. A buddy of mine who is a ND graduate passed this a long. He says he is not sure if it is true. I can report to you today that Bob Stoops has not only agreed in principal to a deal but has actually signed the contract earlier today. I suspect a press conference will be called for Friday but it depends on how Stoops wants to approach OU. This is not from a 'source'- I am the source. My brother works at the agency that has worked behind the scene since shortly after the Pitt game. No academic restrictions were lifted- insulting for anyone to raise that issue. The terms of the contract are straightforward and will not be discussed openly and will not be released publicly. I can tell you the issue centered about guaranteed money which is something we were concerned with but we have access to this required money and at this stage we will not be left short of our goals because of money- that was a fault of Mr. Kevin White. Stoops desire to come to Notre Dame is an effort to build back ND like he did at OU. The talent is there and Stoops sees his legacy in more of restoring luster than maintaining programs. Stoops has been the ONLY target ND has reached out to. Brian Kelly, etc have never gotten a call from the agency or ND. From what I was told- Meyer had his chance back in 2005 and that ship has sailed. Stoops reportedly said "Bring on USC" when he signed the deal. ps- I dont need more friends or 'phantom supporters' from a message board. I report this to you today because I have the information and ND could use a shot of good old fashion'good news'. I signed up today to provide Sent from my iPhone
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