An open letter to UK fans visiting Louisville this weekend.
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Damn shame they have to double the security for the Yum this weekend due to the 10 of thousands of dollars these mullet heads caused on their last trip. Thanks again Swimcat for your hard earned $$ to help pay for the most beautiful arena in American. And BTW. You did not fill up the Yum yesterday. Barely over 10,000. Our Ladies team draw more then that!
There are two very good reasons why 20,000 U of L fans don't waste an entire weekday afternoon watching our team practice.
Reason number one is we all have jobs.
Reason number two is we all have lives and our basketball team is not the entire reason we live ours.
This post was edited on 3/19 8:41 AM by cards_rock
an addendum.....
- If indeed visiting the Science Center, don't bother looking in the "Beginning of the Earth" exhibit for Adam, Eve and the T-Rex...
- If indeed visiting the Science Center, don't bother looking in the "Beginning of the Earth" exhibit for Adam, Eve and the T-Rex...
This is getting funny....not sure I totally get making fun of a staple like Rupp Arena but it is funny. Come Football season, we can start banging on Ohio State' worn out massive coliseum, Michigan's peace of S$&t stadium, Geenbay's out of date grid iron, and push to have LA Coliseum blown up. I totally agree that if it doesn't almost bankrupt a city and is more than 10 years old...it sucks a$$...lol.
Awesome post Gomer! No telling how long it took you to come up with that gem but all I can say is we are all in awe and will be anxiously awaiting future posts from Sweeumcayut20!
LOL..and yet had 8,000 per game show up in Freedom Hall when you played your annual game here and ended up cancelling playing here due to slow attendance. Guess your folks showed up at YUM to see what a real arena looks like...everyone has seen your barn you play in.
I don't know...looks like we fill it up pretty damn well, even against a weak opponent like NCAT.
Rupp Arena was filled with Cardinal red Thursday evening for the UofL matchup against NCAT Thursday evening. The Cards came out victorious 79-46. in Lexington.
To be honest with you guys I've never liked Rupp. I didn't like it when I went to the very first game played there. The sound system is bad. If your in the upper deck it's like watching ants scrambling around the floor. The concession lines block the concorse so its a pushing match to get to your seat. Downtown parking is a long hike on a cold night, especially coming out. For the students it's a bus ride or a two mile walk from the south side of campus. Worst of all the students are spread out, not consolidated into one section like it was when I was school in the last days of the mens team at Memorial Colisuem.
This post was edited on 3/19 3:11 PM by Swimcat20
This post was edited on 3/19 3:11 PM by Swimcat20
Rupp, as it is, will be UK's home for generations to come. It's the anchor facility of downtown Lexington, which was dead back in the 70's, but like many cities is making a comeback. I would like to see an on campus arena, but after the financial problems the YUM has had, no way the state of KY is going to throw down that kind of money again for a basketball facility, at least not in my lifetime.
Originally posted by Briggsky:
What happened to that 15 million dollar loss you were predicting every year. I think we can make up the now projected three million loss this year. We may be able to squeeze that extra three out of KY fans.If this is directed at me, the red ink is in the millions every year. "Operating income" does not equate to "net income". The City covers the first ten million of losses once bond interest is paid, and the rest is covered by money that Bailout Arena has in the bank.
They've been in cash burn mode since the arena opened. The project was capitalized in the bond offering with nearly a $100 million in the bank. Now, the bank account is less than half that. And the arena will be officially bankrupt when all that money is spent.
Then, LPT fans have to really start ponying up.
Jim Host LPT Financed Arena
"Elite program", my a$$...
The State contributed not one dollar to UL's facility. We did have the state backing the bond though and we are yet to ask and will never ask for a single penny. We are doing great and so is the YUM. We've had people report large numbers, but the loss this year looks to be very small. I think that with all the extra dollars brought in this year because of the YUM we can afford to pay an extra 4 or four million. With every major performer showing up here this year and another NCAA event we will do fine. The extra money that the YUM has brought with it's extra concerts and UL season tickets sold out again will be just fine. If fact we now have a waiting list of over 6,000. It was UK who went to the state for a donation from the tax payers. The state already voted it down. The proud University of Kentucky going to the state for a hand out. They have no shame.
Swim KKKAT has no idea about our financing. One more time - The State has not given the YUM or our City a single penny and if we do have a second shortfall we will pay it. It was UK that went begging for our tax dollars. Their University and Community could not get the financing, Louisvile did. Just like the some 700 million we have raised for academic and athletic facilities we've achieved, we've done it in spite if the fact that UK still get's more money from the state per student. We didn't go begging, we raised it ourself. In fact UL was just named one of the most beautiful schools in the south. Probably the biggest problem UK has in raising money is that they don't have the corporate support we have here. While all this expansion was going on here we also pushed our endowment to over a billion dollars. We do far more here than just buy Tee Shirts. If UK has this so called nation, why can't they raise any money or build anything.
We do have one poster who is still mad that it was built and it turns out that nothing reached the financial disaster he predicted. In actuality the tax shortfalls for two years weren't even near what he suggested. The YUM even made a profit in 2013 and will have a much bigger profit in 2014 because of the increase in concert attendence. The shortfall in tax dollars was as a result of the shortfall of business in the YUM tax area. Almost every business in that tax area is reporting an increase for last year so we aren't far away. Even if those area business entities don't raise the expected base, the increase in the Yum rentals and the large increase in attendence for other events there will ad tens of millions to our city and county from visitors to our area. The City and our University are doing fine.
Swim KKKAT has no idea about our financing. One more time - The State has not given the YUM or our City a single penny and if we do have a second shortfall we will pay it. It was UK that went begging for our tax dollars. Their University and Community could not get the financing, Louisvile did. Just like the some 700 million we have raised for academic and athletic facilities we've achieved, we've done it in spite if the fact that UK still get's more money from the state per student. We didn't go begging, we raised it ourself. In fact UL was just named one of the most beautiful schools in the south. Probably the biggest problem UK has in raising money is that they don't have the corporate support we have here. While all this expansion was going on here we also pushed our endowment to over a billion dollars. We do far more here than just buy Tee Shirts. If UK has this so called nation, why can't they raise any money or build anything.
We do have one poster who is still mad that it was built and it turns out that nothing reached the financial disaster he predicted. In actuality the tax shortfalls for two years weren't even near what he suggested. The YUM even made a profit in 2013 and will have a much bigger profit in 2014 because of the increase in concert attendence. The shortfall in tax dollars was as a result of the shortfall of business in the YUM tax area. Almost every business in that tax area is reporting an increase for last year so we aren't far away. Even if those area business entities don't raise the expected base, the increase in the Yum rentals and the large increase in attendence for other events there will ad tens of millions to our city and county from visitors to our area. The City and our University are doing fine.
Briggs, not to single you out because you're one of many... But you don't know how to read a financial report You're simply gulping down the headline written by Host or a Host apologist.
The arena's operating numbers always show a modest profit, maybe several hundred thousand to a mil. But that's not the whole story. Far from it. Operating results exclude financing costs, mostly interest due to bondholders. And those deficit numbers are staggering and getting bigger, way up in the millions per year. The City has agreed to pay for the first ten million annually, but that's still not enough of a bailout.
IIRC, the arena guys borrowed another $60-80 million when they started out simply to sit in the bank. It's obviously been a financial safety net and the only way they could keep paying their own bills. I'd have to read the consultants' report again--I'm sure that money was supposed to be working capital and/or a reserve to pay for LT equipment repair and replacement. The problem is they've needed to dip into it each year to pay operating and financing costs that can't be paid out of revenues. This is known as "cash burn". They're simply running down the bank account 'til there ain't no mo' money.
But we're headed to that endpoint rapidly. In a few years at most, you'll hear about an emergency that must be addressed to keep the doors open. Expect a lotta finger pointing and people taking sides. I'm on U of L's side, of course, as you should be too.
And we just need to keep looking to LPT fans to help write the checks.
"Elite program", my a$$...
This post was edited on 3/20 1:12 PM by zipp
The arena's operating numbers always show a modest profit, maybe several hundred thousand to a mil. But that's not the whole story. Far from it. Operating results exclude financing costs, mostly interest due to bondholders. And those deficit numbers are staggering and getting bigger, way up in the millions per year. The City has agreed to pay for the first ten million annually, but that's still not enough of a bailout.
IIRC, the arena guys borrowed another $60-80 million when they started out simply to sit in the bank. It's obviously been a financial safety net and the only way they could keep paying their own bills. I'd have to read the consultants' report again--I'm sure that money was supposed to be working capital and/or a reserve to pay for LT equipment repair and replacement. The problem is they've needed to dip into it each year to pay operating and financing costs that can't be paid out of revenues. This is known as "cash burn". They're simply running down the bank account 'til there ain't no mo' money.
But we're headed to that endpoint rapidly. In a few years at most, you'll hear about an emergency that must be addressed to keep the doors open. Expect a lotta finger pointing and people taking sides. I'm on U of L's side, of course, as you should be too.
And we just need to keep looking to LPT fans to help write the checks.
"Elite program", my a$$...
This post was edited on 3/20 1:12 PM by zipp
Nobody ever accused briggs of taking smart pills. He makes up stats, ignores real data and repeats himself ad nauseum about things that happened in the fifties. He's like a message board cartoon character. Misinformed, ignorant, and terribly out of touch with reality. Sad really.
Lambeau Field - 565mil in renovations since 2001
The Big House - 240mil in renovations since 2008
The Horseshoe - 214 mil in renovations since 2000
The Coliseum - 70mil pledge by AD for renovations before his departure, current expansions plans could reach 600mil
Rupp arena renovation halted.
Nice try.
The Big House - 240mil in renovations since 2008
The Horseshoe - 214 mil in renovations since 2000
The Coliseum - 70mil pledge by AD for renovations before his departure, current expansions plans could reach 600mil
Rupp arena renovation halted.
Nice try.
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