Jerry Richardson Stadium naming rights agreement

#61

I’d say they already carry enough of costs.

2 scenarios:

1- we squeeze Richardson for large sum of money for sticking with him.

2- there is a change in stadium name, we sign a more program family naming rights deal.

0 Likes

#62

Wow, I thought Phil had managed to defuse the situation after meeting with SGA. The resolution to put it to a vote failed after he talked to them, which is surprising given the vitriol in the first resolution condemning the naming decision. Guess it’s not going away.

0 Likes

#63

Pretty sure its over after Phil says he’ll give it another look and throws their resolution in the trash.

0 Likes

#64

I hope this continues to fester until we can turn this awful naming rights deal into a reasonable one.

0 Likes

#65

Nothings going to change till Jerry is dead. Phil is betting on a huge donation in the will.

1 Like

#66

Nope. Remember, we fired his grandson.

0 Likes

#67

I agree they pay too much, but the bills need to be paid. They need to understand that idealistic demands of youth does come with consequences. If anyone demands somebody return a $10 million gift, I would like to see what one of the idealists would do if had been their gift, or anyone herein. Would anyone just cave in and give it back, especially when the gift was to be used to fund the very expensive toy everyone begged yiu to buy in the first place? Might as well take a bullet train to Hawaii

2 Likes

#68

Probably true, but NC in-state tuition and fees combined are the 6th lowest in the nation, and the increase over the past 5 years is near the bottom too. In context of the choices available, UNC-Charlotte and 49er sports are a bargain.

I believe CPCC has no athletic fee for its students, for those that just want classes without the experience.

https://trends.collegeboard.org/college-pricing/figures-tables/2018-19-state-tuition-and-fees-public-four-year-institutions-state-and-five-year-percentage

0 Likes

#69

And Richardson fired both of his sons. Then sold the team outside his family.

0 Likes

#70

clt doesn’t look forward to taking a train to Australia.

0 Likes

#71

But think of the Sheilas mate! They need your musky masculinity.

0 Likes

#72

Hell, those Sheilas are musky!

0 Likes

#73

I want whatever is best for the school.

We had a terrible legal team on this (thanks Dubois) so options are limited.

Jerry Richardson was a pillar in the community. He also clearly did some grimy things.

Aside from the morals here, the deal is financially AWFUL for the school (thanks Judy and Phil).

0 Likes

#74

Not being rude here, seriously dont know, but how is it awful financially?

0 Likes

#75

Richardson gave $10m for perpetual naming rights. Here are 2 deals that dwarf that from G5 programs:

https://northtexan.unt.edu/issues/university-north-texas-and-apogee-unveil-new-apogee-stadium

1 Like

#76

Money was good, “perpetual” was not…

0 Likes

#77

10 million dollars for naming right is perpetuity in a TERRIBLE business deal

For reference- here are some recent non P 5 deals…

North Texas: $20 million for 20 years ($1 million a year) for Apogee Stadium
Central Florida: $15 million for 15 years ($1 million a year) for Spectrum Stadium
Houston: $15 million for 10 years ($1.5 million a year) for TDECU Stadium
Boise State: $12.5 million for 15 years ($833,333 a year) for Albertsons Stadium
New Mexico: $10 million for 10 years ($1 million a year) for DreamStyle Stadium
San Jose State: $8 million for 15 years ($533,333 a year) for CEFCU Stadium

Our naming rights deal is hot garbage, much like the persons who negotiated it.

1 Like

#78

See, that’s the issue: I don’t think Legal was involved, I think it was done entirely in-house by Athletics. The agreement looks nothing like other contracts Legal has drafted, it’s just a modified scholarship agreement that normally doesn’t oblige the University to provide something tangible in return.

1 Like

#79

I am equally shocked and unsurprised.

That is exactly the type of thing our fearless former leader would do.

0 Likes

#80

When I looked at the agreement, it sure did not look like anything an attorney would draw up. The University has a General Counsel. I met our previous top lawyer at a women’s basketball game–he is a fan. I am also sure Richardson has attorneys on speed dial, and he has probably done more contracts than most people you will ever meet. To me this looks like an agreement drawn up by two parties that specifically did not want it done by an attorney.

0 Likes