Happy Valley Insider - Penn State BOT approves Beaver Stadium renovation project
The long anticipated renovation of Beaver Stadium is one step closer to being reality.
pennstate.rivals.com
Football Penn State BOT approves Beaver Stadium renovation project
- Thread starter Dylan Callaghan-Croley
- Start date
pennstate.rivals.com
IMHO, and kind of sadly, a no-brainer. CLE is currently looking at a new stadium that is expected to cost $2.2B+. Half of that to be picked up by the tax payers. KC is in the middle of a similar issue. And we can all see the affect or a good, or bad, stadium decision with our friends in Pittsburgh.
The local economy is very dependent upon PSU being competitive and driving visitors to Happy Valley.
One of those "hold your nose and sign here" kind of issues.
The local economy is very dependent upon PSU being competitive and driving visitors to Happy Valley.
One of those "hold your nose and sign here" kind of issues.
Based on the drawing, it appears as if the West side is going to have a balcony rather than one level. Also, do you know how these renovations are going to affect existing seating for the 2025 and 2026 seasons?
Happy Valley Insider - Penn State BOT approves Beaver Stadium renovation project
The long anticipated renovation of Beaver Stadium is one step closer to being reality.
I agree with you, and that's why this always was going to happen somehow someway. I just hope that they do it right like how Washington did it with their stadium when they basically demolished a whole side and rebuilt it (see attached photos); my dad grew up in Seattle and was a Husky fan and attended a lot of games there. The drawing of the West Side looks nice and intimidating; I'd like to see drawings of the interior.
Husky Stadium - Wikipedia
Husky Stadium - Wikipedia
I like the blue and white theme throughout the outside of the stadium. And you can see, by enclosing the area below the seats, they will have much better options for eating, restrooms, premium space and meeting areas. Plus, protected from the weather.
Not at all surprised it was approved, I expected as much. I have very mixed thoughts. The debt concerns are very legit. But the analysis done by Barry didn't include future revenue streams either, but I imagine at best that might move the debt picture from "worst ever in NCAA history" to "still very bad". They will add more concerts, NHL hockey, etc. to Beaver Stadium after this is completed. The picture they painted for future maintenance due to the current condition also meant something had to be done. On the flip side I expect to lose cheap seats and they will be replaces with suites, loges, etc. that all come at a massive, massive price. Ticket prices going forward are going to be absurd, bank on it. Finally the costs seem crazy high, but post COVID everything is inflated. Our project often gets compared to what A&M did a few years ago. A&M remodeled 3 sides of their stadium for almost $500M. We are planning what looks like 1 side for $700M. I expected more of the stadium to be redone for that price.
I’m not a big fan of the renderings released by your university today. I actually loved the renovation design released in 2017 that featured the brick facade; IMO, that was much classier and felt more like Penn State than the all-metal finish, which just looks like any other new stadium.
I like this one better also. It kept elements of our unique erector set look above a more modernized brick facade. The new design looks modern now but remind me of something trendy, and it probably won't age as well once the "everything should be sleek and white" trend subsides.I’m not a big fan of the renderings released by your university today. I actually loved the renovation design released in 2017 that featured the brick facade; IMO, that was much classier and felt more like Penn State than the all-metal finish, which just looks like any other new stadium.
From the university
Vote was 26-2 with 3 abstentions. (Conflict of interest?)
Currently working on accessibility, lighting, signage and weatherization.
This article states there is $200 million of backlogged maintenance that is absorbed into the costs.
gopsusports.com
Vote was 26-2 with 3 abstentions. (Conflict of interest?)
Currently working on accessibility, lighting, signage and weatherization.
This article states there is $200 million of backlogged maintenance that is absorbed into the costs.
Trustees Approve Beaver Stadium Renovation Plans - Penn State Athletics
The Penn State Board of Trustees today (May 21) approved (by a 26-2 vote, with three abstaining) in investing in the renovation of Beaver Stadium, which will grow
gopsusports.com
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When your stadium gets “weatherized,” we need a Pens-Flyers Winter Classic there!From the university
Vote was 26-2 with 3 abstentions. (Conflict of interest?)
Currently working on accessibility, lighting, signage and weatherization.
This article states there $200 million on backlogged maintenance that is absorbed into the costs.
Trustees Approve Beaver Stadium Renovation Plans - Penn State Athletics
The Penn State Board of Trustees today (May 21) approved (by a 26-2 vote, with three abstaining) in investing in the renovation of Beaver Stadium, which will grow
Been dream of all Nitts since the first Winter Classic.
Wouldn’t be a bit surprised that negotiations are already under way!
I read that football brings $16 million a year to the local economy. $700 million to sustain that means a 40+ year payback. What am I missing?
Awesome way way overdue. Had it not been for the fake scandal and fake manmade pandemic it may have been done already.Happy Valley Insider - Penn State BOT approves Beaver Stadium renovation project
The long anticipated renovation of Beaver Stadium is one step closer to being reality.
I think that is direct income. Without football, PSU has 1/10th of its size. People aren't going to the Arts Fest, Hockey, Basketball or most other sports anywhere near as much as they do now. Don't forget other events that stem from the stadium like the recent concert. There will be more of those. In addition to the fact that the stadium has to be able to be winterized with PSU, hopefully, hosting some playoff games down the road.
IMHO, PSU would be a cow pasture without football. We don't want to be another Pitt. It just has to be done. And frankly, $700m is cheap. KC Chief's proposal is $800m. Browns, $2.2B. Mercedes Benz stadium, ATL, cost $1.6B.
It will now be used a lot more often. That will increase revenue and reduce the payback time.
Football wouldn't go away if we spent less than $700 million. Student enrollment would continue to be ~ 80,000. There would still be an Arts Festival as well as other activities. Research expenditures would still exceed a $billion per year.
I understand that we gradually become less competitive if we don't keep up with OSU, UM, USC, OR, etc. I also understand that being less competitive has a cost. The question is at what point are we spending a dollar to protect 50 cents of revenue?
BTW I was critical of the money spent on the study to determine if should build a new stadium instead of renovate? Met Life and Allegiant each cost $2.3 billion and costs have risen since then. IMO we spent a lot of money to learn what was obvious.
I really don't agree. It may remain the same for a short period of time but it would go down over time if football started to wane. But moreover, you can't just let the stadium deteriorate. At some point you've got to remodel. Its just like a home. You've got to have a place where players want to play, their parents want to visit, the media likes to highlight and fans will pay for the experience. $700m, from what I am seeing, is the lowest proposal for a sports facility in the USA.
Legacy Plaza, which is selling bricks/plaques for the sidewalk and plaza in front of the stadium, has sold over 3,200 so far. Starting at $350/pc to $1,000 plus duplicate display options …. that’s some serious cash.
Pony up and get your name…… or parents or kids……placed in the plaza.
Pony up and get your name…… or parents or kids……placed in the plaza.
Penn State Legacy Plaza
Create a lasting memory at the Penn State Legacy Plaza with a custom engraved brick. Order online and personalize your brick today!
pennstatelegacyplaza.com
I never suggested allowing the stadium to deteriorate. We have to do necessary maintenance and I fully support some upgrades to improve the fan experience (bathrooms, internet, concessions, and that ugly old broadcasting booth. My question is how much could we accomplish with $350 million? Florida is "only" spending $400 million for the first major renovation of their stadium in 94 years.
I guess it depends on what you want. Would you be happy with a top 20 program that can make the 12 team playoff 50% of the time or do you willing to spend a lot more to chase Ohio State and Alabama? It reminds me of the 1997 Florida Marlins. They spent a record $90 million on free agents and won the world series but they went broke in the process. The Yankees have enough money to do that kind of thing. The Marlins don't. Does Penn State?
none of us, in fact very few members of the BoT - it seems, has any idea of the finances of the University. Based partly on how much they spend a year and how little they emphasize cutting costs, there's a good chance that PSU is a cash generating machine. Today, $700 million seems like an astronomical number. In 10 years, we'll all be asking why they didn't go further in the renovations and won't be thinking about the $700 million figure. If they wanted they could just increase tuition $1,000 a year and generate more than enough $$$ to pay off the debt in less than 15 years. I know that there's a self imposed barrier between University and athletic department accounts, but that's a decision that could be easily changed if necessary. Penn State has plenty of money.
Tennessee is spending $337 million. Florida is spending $400 million.
What college is spending more than PSU?
I read that a lot of schools are holding off because they are prioritizing that donor money goes to NIL.
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doesn't PSU have an endowment of over $4 billion? The Beaver Stadium project might very well be a terrible idea that costs a ton of money with minimal return and I'm personally of the thought that they can accomplish the basic idea of what needs to be done for a cheaper price tag (I would guesstimate that it should be closer to $400M). But the idea that it is going to bankrupt the school or be a massive financial anchor seems a bit hyperbolic.
A large percentage of university endowments are for specific targets. Such endowing a professorship or program. Sometimes for specific research. Often just to specific college. Most often for scholarships.
They are very restricted and cannot be used for any other purpose. And most are in a trust form and only the interest is used for funding programs. So an endowment of $4 billion may only generate $200 million (at 5%) in actual cash flow. And the use of that $200 million is very restricted.
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That's what I'd do if it were my decision. Cut back on the facilities arms race and just earmark that money to pay players instead. If you're a player would you rather play in a fancy stadium or get a check for a million? Give me the latter every time. I'd think money is among the #1 reasons for recruits to choose a school now, and is probably higher up the list than facilities.
I think the stadium needs upgrades but I don't know if it needs $700 million worth.
In the past large projects like this have been in large part been paid for by fund raising. The problem is a lot of the potential stadium donors are also the potential NIL donors. How many times can you go to the well?
