NCAA Transfer & NIL Policies

Ramaholic said:
I read in the paper a few weeks back and heard about the $3 million annual fee. My company has a suite at the Diamond and we were told by Squirrels management that the Squirrels are not going to pay anywhere near that $3M amount. They read the same article and didn't know where that figure originated from. We were also told they (Squirrels) landed a naming right sponsor. A big, public, "Best of Breed" type company in Richmond. They will announce later this summer when all the details are ironed out. They didnt tell me the name.
Also, the new Diamond will supposedly be designed to be able to host concerts and music festivals. But I am not holding my breath on that.
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Please let this be Marlboro Mansion or Virginia Slims Stadium
 
rambunctiousrowdyram said:
That’s one player. For Indiana. That should tell ya what players are going for.
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Kansas spent $4 million last year with just over $1 million going to one player. In 20 years, Kansas has only been the 4 seed or worse. One of those was last year when conceivably they spent the most.
 
share the ball said:
not sure exactly what you are saying

the original approval about 2-3 years ago for this project had a structure that an Authority would be established to issue the debt to protect the City of Richmond from being liable for any of the debt service on the bonds if the other pledged revenues were insufficient to make the annual debt payments - this protected the City's limited remaining debt capacity and the protected the city taxpayers

doing this meant the debt would be more costly (anywhere from 3-4% higher interest rates as an estimate but in the ballpark to the differential between what city General obligation bonds would price at and what the Authority bonds without guarantees would price at)

As time has transpired the stadium cost has ballooned over the initial planning and now the plan is for the City to issue $130 million in bonds for the stadium project and $40 million for the infrastructure improvements for Phase 1

the revised debt service (if one is to believe the current interest rate assumptions by the city for its own bonds ) would be $7 million annually on the stadium portion and $3 million annually on the infrastructure bonds - the bonds on the stadium could be anywhere up to 45 year bonds if I read the proposed ordinance on financing correctly

so the City (if this new approach is approved in the next few months) will be on the hook for $7 million on the stadium bonds for 30-45 years
the Squirrells supposedly will pay $3 million annually in rent (for what term it is still unknown ) _squirrels will have the right to revenue from naming the stadium as well as other advertising at stadium etc to help offset the rent and their annual operating to maintain the stadium

simply put in my mind - the squirrels deal is remaining pretty much the same and city of richmond and its taxpayers are now agreeing to accept all the risk for failure for the overall project to generate the rosy real estate tax proceeds for the full 2.x billion dollar project that may succeed or fail to achieve the goal (the city is supposedly in a time crunch box to get some state monies so it needs to move quickly - like 25 million)

thank goodness Chesterfield and Henrico ran for the hills on this years ago

these stadiums for minor league teams are typically only financial winners for the tenant
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Completely agree with all of the above and that's my understanding as well. My point is that the Squirrels expect to remain profitable precisely because of the sweetheart deal with approximately zero financial risk they've inexplicably gotten from the city.
 
I’m a high school teacher, and one of my students presented a TedTalk on the harmful effects of the NIL on college athletics today. He’s a strong golf player, and he made several strong arguments, but some that stood out were how other sports programs will be worse off with all the financial focus shifting to football and basketball (even more so than normal), and how players will lose the glory of winning if they’re only thinking about how playing well raises their price tags.

It’s just interesting that even the kids are seeing these things…

I think NIL money should be made, but I think it should be capped to an equal amount for all schools with a cap for any individual player. Schools either can hit that mark or not, but there needs to be a limit. College earnings should not be more than opportunities in the pros.
 
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