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UCF Raisin' $$$ For New Stadium

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UCF moves ball in big-money game

As of June 1, the Knights have raised $14.6 million for a football stadium.

Kyle Hightower | Sentinel Staff Writer

Posted July 19, 2006

Money isn't exactly being picked off trees just yet, but the fund-raising at UCF that has brought record growth in several departments this summer hasn't bypassed the athletic department.

The countdown is under way for both the start of another football season and a pivotal year for the UCF Athletics Association as it prepares for its biggest endeavor to date -- the opening of an on-campus football stadium in a little more than a year.

As of June 1, UCF had raised $14.6 million for the stadium, with the promise of even more cash once a deal for the naming rights for the $50 million, 45,000-seat stadium is struck.

Officials had wanted to take their financing plan to the bond market by the end of June; the hope was the naming-rights deal would be done in order to secure lower long-term interest rates. While July is more than half over and no deal has been announced, indications this week were that one is imminent.

"We will have information forthcoming on that very soon," said UCF Foundation Vice President Tim Leonard, who works in development and annual giving.

Leonard said that while having a naming partner in place before going to the bond market might be ideal, he believed it was legal issues and not the naming deal that is the hindrance.

"We don't have to have it to go to the bond market," he said. "But obviously it helps if it is signed."

Cable company Bright House Networks is one of the names that has been mentioned as a possibility for UCF's new stadium

Bright House already has its name on one in-state venue, on a minor-league baseball stadium in Clearwater. The Clearwater Threshers of the Class A Florida State League, a Philadelphia Phillies affiliate, has played at Bright House Networks Field since 2004. The Phillies also hold spring training there. The company paid $1.7 million over 10 years for the naming rights to the 8,500-seat stadium.

Until UCF sells its naming rights, Miami is the only school in the state with a corporately named athletic facility -- the BankUnited Center for basketball. USF plays football at Raymond James Stadium in Tampa, but the school receives no money from the naming rights.

About 30 colleges and universities have naming partnerships with corporate entities for either their football or basketball stadiums. Maryland ($25 million for 25 years) has the largest deal after selling the name of its basketball arena to cable-TV giant Comcast Communications.

While UCF's impending naming deal is certain to bring a financial boost, it won't be the only money worth mentioning this summer. Having already shown a record increase in ticket revenue, on Monday the Golden Knight Club -- UCF athletics' scholarship fund-raising arm -- announced a 47 percent increase in scholarship contributions, which now top $2 million.

As the summer nears its conclusion, Leonard is proud of the steps every department has made.

"No question we've had a lot of success," he said. "It's been a fun year, and it keeps getting better and better. I don't think we've hit our peak by any stretch, and we will continue to experience the same type of growth."

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Stan R Collaborator

Stan R

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14 million?? Depressing. How much do we have? I guess that is under our policy of "stealh fundraising". That policy was enacted due to the raging success of our "stealh recruiting" strategy. We will go out to visit Eagle point one day and BAM the Stadium will just be there. SURPRISE!

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Quoner Mentor

Quoner

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14 million?? Depressing. How much do we have?  I guess that is under our policy of "stealh fundraising".  That policy was enacted due to the raging success of our "stealh recruiting" strategy.  We will go out to visit Eagle point one day and BAM the Stadium will just be there.  SURPRISE!

Maybe we can start "stealth winning" at some point.

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Monkeypox Mentor

Monkeypox

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14 million?? Depressing. How much do we have?  I guess that is under our policy of "stealh fundraising".  That policy was enacted due to the raging success of our "stealh recruiting" strategy.  We will go out to visit Eagle point one day and BAM the Stadium will just be there.  SURPRISE!

Don't get too excited. It probably won't pass inspection.

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