Can USF afford the Bulls’ $340 million on-campus football stadium?

[Coach Andy Mac]

When University of South Florida officials presented an initial budget for a $340 million on-campus football stadium last month, chief financial officer Richard J. Sobieray stood behind the figures being used to justify one of the biggest decisions in school history.

“I’m a conservative CFO in nature,” Sobieray said then at the board of trustees’ finance committee meeting, “and I think if I had issues with this I would definitely express them.”

Not everyone shares Sobieray’s confidence.

As the full board prepares for Tuesday’s vote on whether to authorize $200 million in debt for the Bulls’ proposed 35,000-seat facility, the Tampa Bay Times shared the financial projections with three academics who study stadium economics. Their reactions ranged from cautious optimism to downright disbelief.

“I don’t know if I’d call it economic malpractice,” said College of the Holy Cross economics professor Victor Matheson, who literally co-wrote the book on sports economics, “but it’s pretty close to it.”

read more:  https://www.tampabay.com/sports/bulls/2023/06/09/usf-football-on-campus-stadium-ocs-bulls-conference-realignment/

[Mean Green 93-98]

$17.8 million in annual debt service.  Don't get me wrong, a good on-campus football stadium is crucial; but I imagine in future years they'll be wishing they could get back 15 or so million of those dollars to fund other athletics needs.

[NT80]

UNT was so fortunate to have the land available and be able to build Apogee Stadium with 31,000 seats plus suites and club space for only $78 million.   It changed our whole athletic conference future up to this point in joining the AAC.  However, scheduling issues are on the horizon with dark clouds...

Scheduling trends could make those types of opponents less likely to visit by the time a stadium opens. The Atlantic Coast Conference is discouraging its teams from playing road games against schools in midmajor conferences, like USF’s league, the American Athletic Conference. That decreases the odds that big local draws like Florida State University and the University of Miami will play at USF in the future.

[Jonnyeagle]

42 minutes ago, NT80 said:

UNT was so fortunate to have the land available and be able to build Apogee Stadium with 31,000 seats plus suites and club space for only $78 million. 

That was one of the best financial deals in the history of the University to my knowledge.  We literally stole that stadium at that price.  SMUt spent double that for a lessor stadium in my opinion.

[El Paso Eagle]

1 hour ago, NT80 said:

UNT was so fortunate to have the land available and be able to build Apogee Stadium with 31,000 seats plus suites and club space for only $78 million.   It changed our whole athletic conference future up to this point in joining the AAC.  However, scheduling issues are on the horizon with dark clouds...

Scheduling trends could make those types of opponents less likely to visit by the time a stadium opens. The Atlantic Coast Conference is discouraging its teams from playing road games against schools in midmajor conferences, like USF’s league, the American Athletic Conference. That decreases the odds that big local draws like Florida State University and the University of Miami will play at USF in the future.

If the Presidents and the ADs of the so-called "midmajors" would work together and say, that's OK, but if the ACC wants one of our schools to play there, then it should be a set minimum (say $3 million).*** While they will discourage this, I am sure they will not discourage them from scheduling lower-tier FCS teams. At the end of the day, the P5s want to find a mix that ensures as many teams as possible hit the 6-win level since the Bowls would rather see a P5 that went 2-6 in conference rather than a G5.
 

*** I say this tongue in cheek as the presidents and athletic directors of G5 schools have shown throughout the years they are about as clueless and idiotic as can be when it comes to working together to reduce cost and provide regional competition that could increase attendance and support.

[UNTLifer]

Tell the ACC off and don’t settle for $3 million. Make it $5 million minimum plus travel expenses. Hold their feet to the flame, period. 

[Jonnyeagle]

On a positive note, I think once this stadium is finished it will be hands down the nicest most impressive stadium in the AAC.  Perhaps tops in the country!  The facilities in the AAC are truly top notch with the exception of UTSA.

[meangreenbob]

It’s too late. 

[NT80]

Here is the latest, slimmed down version of USF's proposed stadium.  Not as impressive as the first version:

[NT80]

The USF board today approved the $340 million budget for an on-campus stadium.  At only 35,000 seats, that's a lot of $$ per seat...

https://www.espn.com/college-football/story/_/id/37847149/usf-board-approves-340m-budget-campus-football-stadium

 

[greenminer]

I anticipate a lot of these facility dreams are going to be put on hold - or away - as long as these high dollar folk are throwing all their money at players.

[wardly]

13 hours ago, Jonnyeagle said:

On a positive note, I think once this stadium is finished it will be hands down the nicest most impressive stadium in the AAC.  Perhaps tops in the country!  The facilities in the AAC are truly top notch with the exception of UTSA.

And yet UTSA had the best team in CUSA and will be one of  the favorites to win the AAC this year. Perhaps recruiting and coaching trump facilities . Unless USF sees this stadium as a pathway to joining UCF in the BIG 12 it appears to be a waste of money.

[Tommy Gadberry]

3 minutes ago, wardly said:

And yet UTSA had the best team in CUSA and will be one of  the favorites to win the AAC this year. Perhaps recruiting and coaching trump facilities . Unless USF sees this stadium as a pathway to joining UCF in the BIG 12 it appears to be a waste of money.

Well UTSA did have a big win landing Frank Harris who seems to have been playing there for a decade.  Seth did not care about recruiting, felt he and his staff could "coach them up".  Thankfully that seems to have changed.