NCAA Transfer & NIL Policies

[Ululating Daddy]

I've long thought the minor league baseball model makes the most sense. Paid, professional development leagues, along side a college system that gives kids interested in a college degree the opportunity to pursue one. That system exists only because it pre-dates the introduction of any kind of serious money into college sports, and it persists because it provides good returns on investment for the Major League teams. How college football or basketball get from where they are today to that kind of a system seems an impossible task to me.

 

[mrgeode]

Yeah, we hear about the Flying Squirrels Single A baseball team wanting money for a new stadium every single day.

But Scott's Addition and everything nearby will become a toxic waste dump if we don't build and finance a new stadium by 2026!

 

[mrgeode]

I've long thought the minor league baseball model makes the most sense. Paid, professional development leagues, along side a college system that gives kids interested in a college degree the opportunity to pursue one. That system exists only because it pre-dates the introduction of any kind of serious money into college sports, and it persists because it provides good returns on investment for the Major League teams. How college football or basketball get from where they are today to that kind of a system seems an impossible task to me.

The answer is they don't, at least not until football goes the way of boxing.

 

[share the ball]

Squirrels are paying 3 mil a year in rent for the new stadium.

City/Authority will be paying around $7 million in annual debt service on the new stadium - so Squirrel's are only paying a portion of the cost that City taxpayers will subsidize from real estate tax revenues in this district and a few other sources of revenue from the project - Still a business for the Squirrels ownership and they expect to make money - not a charity as we know

Squirrel's ownership knew the reputation of the City when they moved to Richmond (i.e. rarely living up to promises on the timetable they expected- cities are littered with the endless promises of local govts - that go unfulfilled) all they needed to do was talk to Braves minor league org.

and YES Squirrels have been a great addition in how they run minor league baseball for this area - one of the best values in this region!!!!!! Go Nutzy

 

[mrgeode]

City/Authority will be paying around $7 million in annual debt service on the new stadium - so Squirrel's are only paying a portion of the cost that City taxpayers will subsidize from real estate tax revenues in this district and a few other sources of revenue from the project - Still a business for the Squirrels ownership and they expect to make money - not a charity as we know

Squirrel's ownership knew the reputation of the City when they moved to Richmond (i.e. rarely living up to promises on the timetable they expected- cities are littered with the endless promises of local govts - that go unfulfilled) all they needed to do was talk to Braves minor league org.

and YES Squirrels have been a great addition in how they run minor league baseball for this area - one of the best values in this region!!!!!! Go Nutzy

I would note they expect to make money based on the favorable debt service terms taken on by the city - believe they were at an impasse so far as funding given interest rates unless the city stepped in with bond issuance. 3 mill a year sounds a lot better from their perspective than 7 (and a lot worse from mine).

 

[Ululating Daddy]

The answer is they don't, at least not until football goes the way of boxing.

Yep, I agree. Will be interesting to see if the current slight downward trend in youth tackle football continues, or if it was just a pandemic dip.

 

[VCU Finance 2008]

Squirrels are paying 3 mil a year in rent for the new stadium. Thats after spending millions on the diamond. Which this is after being lured to Richmond by lies in 2009 that they move here but the condition was they get a new stadium. 15 years later they are still waiting.

And that doesn't even almost cover the cost. The Squirrels have been great for the city but how much can we afford to spend to keep them here? I love sports but the spending and revenue models are so out of whack. At some point it has to change.

 

[VCU Finance 2008]

City/Authority will be paying around $7 million in annual debt service on the new stadium - so Squirrel's are only paying a portion of the cost that City taxpayers will subsidize from real estate tax revenues in this district and a few other sources of revenue from the project - Still a business for the Squirrels ownership and they expect to make money - not a charity as we know

Squirrel's ownership knew the reputation of the City when they moved to Richmond (i.e. rarely living up to promises on the timetable they expected- cities are littered with the endless promises of local govts - that go unfulfilled) all they needed to do was talk to Braves minor league org.

and YES Squirrels have been a great addition in how they run minor league baseball for this area - one of the best values in this region!!!!!! Go Nutzy

Even if the Squirrels were operating at a loss locally their main function is development for the San Francisco Giants who make quite a bit of money.

 

[rambunctiousrowdyram]

And that doesn't even almost cover the cost. The Squirrels have been great for the city but how much can we afford to spend to keep them here? I love sports but the spending and revenue models are so out of whack. At some point it has to change.

One should really ask themselves though (Perhaps this is for city leaders.) how Charlotte who was a lot like Richmond back in the day is now a bustling hub with multiple pro teams yet Richmond routinely fails to hold on to even minor league. Charlotte market ranking is 22 while Richmond is 55 and that could easily be swapped or closer if Richmond had the same active leaders that Charlotte had. The cop out answer is but Charlotte is a major airport hub. Oh and RVA isn’t? You can fly to most places domestically from Richmond these days. Charlotte is what Richmond could be if it ever saw its potential.

 

[Ululating Daddy]

One should really ask themselves though (Perhaps this is for city leaders.) how Charlotte who was a lot like Richmond back in the day is now a bustling hub with multiple pro teams yet Richmond routinely fails to hold on to even minor league. Charlotte market ranking is 22 while Richmond is 55 and that could easily be swapped or closer if Richmond had the same active leaders that Charlotte had. The cop out answer is but Charlotte is a major airport hub. Oh and RVA isn’t? You can fly to most places domestically from Richmond these days. Charlotte is what Richmond could be if it ever saw its potential.

Perhaps. Charlotte has been a banking and financial center for many decades. HQ for Bank of America, Truist Financial, Lending Tree. And has been a financial center since my grandfather was a banker in Cabarrus County, before American Airlines was founded.

Not defending Richmond politicians. But what would Richmond look like if its major industry had been different.

 

[artRAMinMN]

One should really ask themselves though (Perhaps this is for city leaders.) how Charlotte who was a lot like Richmond back in the day is now a bustling hub with multiple pro teams yet Richmond routinely fails to hold on to even minor league. Charlotte market ranking is 22 while Richmond is 55 and that could easily be swapped or closer if Richmond had the same active leaders that Charlotte had. The cop out answer is but Charlotte is a major airport hub. Oh and RVA isn’t? You can fly to most places domestically from Richmond these days. Charlotte is what Richmond could be if it ever saw its potential.

Yeah, the main answer is it's a major banking hub. In addition to BOA & Truist, Wells Fargo & US Bank also have major opps centers there.

 

[WillWeaverRVA]

$1.2 million to go from a team that will likely make a deep run in the NCAA tournament next season to a team that will struggle to finish in the top half of the Big Ten.

 

[rambunctiousrowdyram]

$1.2 million to go from a team that will likely make a deep run in the NCAA tournament next season to a team that will struggle to finish in the top half of the Big Ten.

That’s one player. For Indiana. That should tell ya what players are going for.

 

[share the ball]

I would note they expect to make money based on the favorable debt service terms taken on by the city - believe they were at an impasse so far as funding given interest rates unless the city stepped in with bond issuance. 3 mill a year sounds a lot better from their perspective than 7 (and a lot worse from mine).

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

 

[Ramaholic]

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

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.