Liberty Bowl Finances

Liberty Bowl Finances

 

There has been a lot of discussion about the Liberty Bowl operation and the finances of that facility. A good friend with a lot of background about the Liberty Bowl and park operations asked me about the Liberty Bowl finances.

So I started asking for the figures. Here is what I learned.

A recent newspaper article said that the stadium had a $500,000 annual operating deficit. I asked for an annual stadium financial statement and here it is. The stadium lost $1.25 million last year. The total revenue was $1.7 million. The expenses were almost $3 million ($2,918,434) with the highest expenses being $2.16 million for telephone/communications and $523,000 for miscellaneous professional services.

The major revenue items were rental fees ($967,000), concessions ($215,000) and parking ($73,000). Miscellaneous income was $371,000 and corporate sponsorship $75,000. In looking at the contract I come up with the following.

Suite license for 38 suites for $7,800 per game

Advertising rights fee for $25,000 per game

Parking for $50,000 per game

Base rent per game $39,200 per game

Total $122,000 per game times 6 games = $732,000 per year. The difference was concessions at $215,000.

So the $1.25 million loss was a calculated figure that the taxpayers pay. It seems to me that at least the sports fans and those that attend the events at the Liberty Bowl should pay enough to make the operation at least a breakeven figure. Your thoughts would be appreciated.

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