Why is Jay Paterno Voting against Lasch improvements?
- Thread starter WPB_lion
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Do you know what "self-liquidating" means? If not, ask Brandon Short, he doesn't know either.
Wrong. The football program funds more than two dozen money-losing sports and a bloated athletic department administration. Given those priorities, money to service the debt for this project will be tight. Maybe this is another one of Ms. Excellence's "100 Year Plans."
I also suspect that if PSU's Administration had treated Joe better, their constant cravings for $$$ would have been eagerly fulfilled years ago.
Clemson has 19 total - 8 men's and 11 women's.
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Pfft. Lightweight. Sandy laughs at clempson.
I know I should not self-liquidate because I could go blind.
Nothing beats a 6 yard out pattern on 3rd and 7. My God, did that make me crazy watching it happen!
Someone had better hope that Pegula is lurking.
My understanding is that the first phase of Lasch renovations was funded by donations and internal reserves. This phase is by debt and there remains one more.
Then there is/was the abortive Athletic Facilities Master Plan. Guess fundraising for the first phase didn't go too well (other than the lacrosse field, which wasn't in the immediate plans). Imagine Populous was paid a nice piece of change for that doorstop.
Football capital spending would be self liquidating if not for these other sports. So it becomes an issue when football isn’t making as much money as it did. Do you not spend and risk losing revenue in the future? Do you spend and hope it pays off enough to end up ahead? It’s definitely a balancing act. There are plans to upgrade / build new facilities for these money losing programs. Maybe they should look at eliminating a few of those instead. I’m of the opinion you feed your cash cow whatever feed your cash cow desires (within the parameters of what others are doing).
Spending on a project that, in and of itself, does not generate cash is the same as losing future revenue except: a) it's classified differently (increased expense); and b) it's guaranteed. Regardless, do you believe that anyone did a dollars and cents analysis? Don't bet the old homestead on it.
But you raise a good point about feeding the cash cow. Unfortunately, the folks who run the Athletic Department don't think that way, or, at best, are late coming around. If you look at the first presentation of the Athletic Facilities Master Plan, Beaver Stadium was in the last phase, fifteen or more years off, and other football facilities weren't even mentioned. Instead, the immediate plans were to build an outrageously expensive aquatic facility, indoor tennis courts, upgrades to the soccer stadium, a practice facility for the money-losing sports, and last but not least the Center for Excellence (who the fvck names a building that?). If those are the projects to which you refer, fortunately, it doesn't look like they are happening (or it's the best kept secret outside of Area 51).
Understood. But companies spend money all the time upgrading office space and cafeterias. This space doesn’t generate cash. But it helps acquiring and keeping talented employees. This adds to the bottom line in the long term and is tough to calculate. It’s the same concept for upgrading locker rooms and practice spaces for the football team. It helps retain / attract better coaches and players who ultimately are the product being sold.
Those are the plans I was talking about. I don’t mind those projects, but I think they should be fully funded before they are started and should not take money away from reasonable and necessary upgrades to the cash cow facilities (necessary to not fall too far behind where we end up in the same class as Indiana and Purdue).
If Anne Saunders "Sandy" Barbour were a top notch athletic director (AD) Penn State wouldn’t be borrowing to achieve facilities expansion.
She, (Barbour) is a terrible AD as she proved at Cal Berkeley yet was still hired at PS. And once again Barbour has proven that she’s not qualified to run PS’s Department of Athletics. As Vice President for Intercollegiate Athletics at approximately $700,000 + per, she’s incompetent.
Where is the overarching PS Athletics excellence fund raising efforts aiming at $400 million like VT
or higher amounts like Bama ? There aren’t efforts like this because she’s not well liked and doesn’t have the skills to thread that needle.
When I say that Sandy isn’t well liked, I mean not well liked among PS Alums and Friends who have lots of money.
PS Administration under President Barron “leadership” and the PS BOT have been more interested in making Penn State into the Berkeley of the East than running a first class meritocracy.
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1. A well-run company is not upgrading office space and cafeterias when it is cash-strapped and has to borrow to do it
2. So an $80mm swimming hole (believe that was the number cited by Barry Fenchak and I've seen nothing that causes me to question it) doesn't bother you? Ms. Excellence would like to invite you out to dinner.
Believe the plan was to slap her name on another building, "The Anne Saunders Barbour Center for Excellence." I kid you not, though I can't vouch for the accuracy of it.
If, as I said, they are fully funded (meaning donations for the project have been collected), then I’m all for it. I’m not for borrowing crazy sums of money for facilities that don’t generate revenue and aren’t really for education.
A well run company isn’t cash strapped to begin with and probably isn’t behind the competition in these areas either. At some point that company has to decide to shit (bite the bullet and upgrade) or get off the pot (become more like Indiana / Purdue than OSU / Michigan).
With everything that’s happened over the past 18+ months, there are plenty of well run companies that are cash strapped.
Yup, it happens and when it does they pull in their horns until conditions change. That said, I'm not sure anyone could call PSU's Athletic Department "well-run."
Spending on sports, specifically football, has to slowdown before virtually every team is losing money.
Most athletic programs already are losers ( I believe).
Its an arms race to ….
So the football excellence fund will raise incrementally more than the $10mm or so yearly donations that the football program currently takes in in order to service the debt? How much? How long will it take to fully pay-off the borrowings? Usually when a large capital project is undertaken and major donors have committed to it that's included in the announcement of the project. I don't recall hearing that.
Well what I said was the football program was self funding not that the football program could fund 2 dozen money losers and a bloated AD. Put another way. Let’s say today we average 100,000 fans. If we don’t keep up we could easily drop to 85000 fans. My guess is the revenue 15,000 fans for 7 games would cover the debt service on the renovations
"Sandy's Swimming Hole" is making me have horrible impure thoughts that only a coma will get rid of
Why? Because apparently there are 4- and 5-star recruits that choose a school because they have a sliding board. If that was not the case, there would be no reason to have it.
Wow, you weren't the first one they called?
The excellence program doing very well with donations and will likely service the debt load. There have been many individual announcements regarding donor contributions to the fund. Many of us don't care to make that public but if you get the chance to walk through Lasch you will see our names on many of the spaces.
It was weller spent on the bear trap that "accidentally" recruited BigHatFoot up on Potter Bounty
Why the fvck would they call me?Wow, you weren't the first one they called?
So we have it on your authority that the debt will be paid off lickety-split.
Wanna give us an over/under?
He's stirring other sh!t now too. Just got a text but it's from the premium site.
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