The UW Board of Regents today approved the plan to renovate Husky Stadium. Here’s a press release from the school with details:
At its Thursday meeting, the University of Washington Board of Regents approved a $250 million renovation of Husky Stadium, to be completed by the start of the 2013 UW football season. The renovation’s funding model includes no public, state or university contributions, and the UW department of Intercollegiate Athletics will be responsible for all funding.
“We are pleased that the Board of Regents has given us the approval to move forward with the renovation,” UW athletic director Scott Woodward said. “The approval allows us to take the next steps in a project which is vital to the success of our football program and our department.”
The renovation will restore iconic Husky Stadium to one of the finest college football venues in the country. Plans include the complete demolition and reconstruction of the lower bowl and southside upper stands. The track will be removed, and the field lowered four feet to bring seating closer to the playing surface and improve sightlines. A state-of-the-art football operations facility including team meeting rooms, recruiting facilities and coaches offices will be incorporated into the west side of the stadium. Premium seating opportunities, including 25 suites, 25 loge boxes, and over 2,500 club seats, will be built into the facility. Overall seating capacity is expected to remain similar to the current capacity.
“We are very excited about the renovation of Husky Stadium,” Steve Sarkisian, UW head football coach, said. “An enhanced fan experience, while still embracing the great tradition it holds, will all be part of making our football program more competitive.”
UW ICA will use 30-year bonds to cover the project’s $250 million cost. Under the funding model approved by the Board of Regents, UW ICA will raise $50 million through major gift donations and generate the remaining $200 million through new revenues associated with the stadium including naming rights, increased Tyee season ticket revenue, and premium seating opportunities.
During the renovation, UW will play its 2012 home football season, and the November 26, 2011, Apple Cup game against Washington State at Qwest Field.
First and Goal will serve as the host of the 2011 Apple Cup, pricing and consigning tickets to UW to sell with first priority to their season ticket holders. Any unsold tickets will then be returned to First and Goal, who will open sales to the general public and assume any financial risk associated with hosting the game. The other six UW home games in the 2011 season will be played at Husky Stadium. UW’s 2012 home season in Qwest provides a different financial arrangement, with the university pricing, allocating and selling all season and single-game tickets and providing a fee to First and Goal for usage costs associated with the event.
Here also is the financial information on the project released by the school:
— The funding model includes no public, state or university contributions.
— Under the renovation’s funding model, Intercollegiate Athletics will be responsible for
providing 100% of the funding for the project.
PROJECT COST: $250 MILLION
— $50 million generated through major gift revenue
— $200 million generated through new annual revenues in the renovated stadium (approximately $14.3 million per year)
$14.3 MILLION GENERATED ANNUALLY NEEDED TO GENERATE $200 MILLION OF DEBT SERVICE OVER 30 YEARS INCLUDES:
— CLUB SEATING
— LOGE BOXES