ULAA financials have been summarized for the most recent quarter and nine months. Except for arena concessions, these numbers include close to 100% of full year operating revenues in all of the revenue sports.
There's understandably been a lot of speculating and back and forth about what we were seeing in men's basketball, so I've looked at those numbers first...
Compared to last year, ticket sales were down $0.8 million or 8.1%. Suite rentals were down $0.1 million or 3.1%. Total arena related revenue (ex concessions) was down $0.9 million or 6.5%.
Compared to the FY2023 budget, ticket sales were down $1.2 million or 12.2%. Suite rentals were down $0.9 million or 19.4%. Total arena related revenue (ex concessions) was down $2.1 million or 14.1%.
Arena concessions and advertising revenues aren't booked by U of L until the fourth fiscal quarter. So they were zero in these comparisons, and I removed the budgeted amount(s) to make the comparisons valid. The above comps vs budget are worse than vs last year because the 2023 men's basketball revenue budget was higher just about everywhere compared to 2022.
That last point is one I think has significance in a discussion about next year... The 2024 budget will be finalized in a couple months when we'll know for sure, but I don't think it will show a decline of more than the $2 million we witnessed in 2023 vs the budget. Why is because at this time last year, U of L was optimistic about its financial prospects with Payne taking over. That's why the revenue budgets were increased. A more sobering view now would be that a similar decline--$2 million--occurs in 2024...
There's understandably been a lot of speculating and back and forth about what we were seeing in men's basketball, so I've looked at those numbers first...
Compared to last year, ticket sales were down $0.8 million or 8.1%. Suite rentals were down $0.1 million or 3.1%. Total arena related revenue (ex concessions) was down $0.9 million or 6.5%.
Compared to the FY2023 budget, ticket sales were down $1.2 million or 12.2%. Suite rentals were down $0.9 million or 19.4%. Total arena related revenue (ex concessions) was down $2.1 million or 14.1%.
Arena concessions and advertising revenues aren't booked by U of L until the fourth fiscal quarter. So they were zero in these comparisons, and I removed the budgeted amount(s) to make the comparisons valid. The above comps vs budget are worse than vs last year because the 2023 men's basketball revenue budget was higher just about everywhere compared to 2022.
That last point is one I think has significance in a discussion about next year... The 2024 budget will be finalized in a couple months when we'll know for sure, but I don't think it will show a decline of more than the $2 million we witnessed in 2023 vs the budget. Why is because at this time last year, U of L was optimistic about its financial prospects with Payne taking over. That's why the revenue budgets were increased. A more sobering view now would be that a similar decline--$2 million--occurs in 2024...
