How many more lies will Mulcahy III tell?
The Rutgers Stadium expansion is effectively DOA, per this Star Ledger expose, Fundraising woes have Rutgers scarlet-faced: “A highly publicized fundraising effort to bridge a $30 million deficit in the financing of Rutgers Stadium has all but collapsed, and university officials are now struggling to find ways to close the gap.”
For months we have said Phase 2 of the stadium expansion isn’t going to happen. And it is not going to happen. The money for it is not there, has never been there…and why the BoG couldn’t do this simple arithmetic before it gave the green light is indeed a mystery. The lot of them seem irresponsible to the point of criminal dereliction. Talk about fuzzy logic. If this weren’t New Jersey, everybody involved would have been jailed weeks ago. That is how funky the logic underlying this plan is.
Obviously, too, there is no booster base because they have come up with no money for the project. We said some weeks ago their total contribution seemed to amount to some empty beer cans…and perhaps we overestimated the depth of the pockets of the Scarlet Nation.
Probably the most interesting part of the Ledger report are the revelations that Mulcahy III has also lied about the Phase I construction timetable. The private boxes will not be ready by the season’s start, despite Mulcahy III’s strident, repeated insistence. Per the Ledger, “According to the university’s contract with Gilbane Building Co., the stadium’s construction manager, ‘substantial completion of construction’ is to be reached by Sept. 26, and final completion is not anticipated until Nov. 28. After a private tour of the stadium last week, Gov. Corzine, in fact, told aides that he felt the construction could not possibly be done by Sept. 1, according to administration officials.”
Duh. Why was Mulcahy III fired by then Gov. Whitman? “Newspapers reported that drastically falling revenues and chronic overspending led to Mulcahy’s dismissal by Republican Governor Christine Whitman…”
You’ll recall that, at a mid-July press tour of Rutgers stadium, Mulcahy III insisted, per the AP: “Let me put it this way, I am going to do this thing for $102 million,” Mulcahy said. “I’m going to have seats in the south end zone and I am going to have the scoreboard and I am going to have the club done.”
Here’s another report on Mulcahy III’s mid-July lies.
* Phase 2 of the stadium expansion is going to be “delayed indefinitely,” exactly as we have been predicting for many months. The economic downturn will be cited as the reason, but the real reason is that the project just does not pencil out. It is a $100+ million monument to puerile ego that no one needs. And that reality has begun to sink in.
* Mulcahy III will soon announce his “retirement.”
The unknown is how much damage this reckless, absurd caper has inflicted on Rutgers. Who can take this university at its word going forward. Mulcahy III is and has always been a liar. Per the Ledger: “There’s only a certain amount of money to go around,” said [Assemblyman Bob] Diegnan (D-Middlesex). ‘It’s time for a time-out here. It’s time for President McCormick and Bob Mulcahy to stand before a group — the press, the Legislature, the board of governors — to explain what the dilemma is, and what their decisions are. I hate to say this, but they are destroying any kind of trust relationship they have with me and the Legislature as a whole.’”
Until Mulcahy III goes there can be no healing. Only then can the stench of Schianogate begin to blow away.