The Case of the Vanishing Stadium Financing

Let’s face it: raising upwards of $100+ million to build a Rutgers Stadium expansion was far-fetched and fanciful in the first instance. The team is mediocre, the coach has a lifetime losing record, and the Athletic Director might charitably be described as a Trenton careerist (which is polite phrasing for a lot of profanities). The one member of the board of governors with experience with large capital projects for sports venues openly mocked the cockamamie stadium plan — and pointed out that the contractor chosen to do the work had no experience building stadiums and, furthermore, there is no cap on construction costs which surely will spiral.

That is prologue, today’s news is that — in the midst of a worsening national recession that is beginning to hit very hard in the tri-state market — even the Super Bowl champion New York Giants are running into big difficulties raising financing to finish a stadium construction project. As noted in the New York Post: “the credit freeze is stalling and threatening new stadiums and arenas that fans are eagerly awaiting.”

Hello Piscataway, show us the green.

If even the country’s best football programs — with armies of dedicated season-ticket holders — are finding financing difficult to score, whoever would think that a bottomfeeder Big East program with gossamer fan support will find credit markets more hospitable.

Note: there is no word on progress raising the $30 million donation needed to move the Rutgers Stadium expansion project forward (probably because there is no progress) and there is no sign the $70+ million in bonds are heading to market, probably because they aren’t.

It’s time to write RIP on this flatulent idea. Then again, watching Mulcahy, McCormick, Schiano passing the cup in an environment turned stingy — and with fans increasingly fed up with the mediocrity that is Rutgers football — just might be comedy on the order of the Three Stooges.

Advertisements

19 Responses to The Case of the Vanishing Stadium Financing

  1. IAmBetterThanAnyOfYou says:

    To the fool from your little club of 10 members who I am quoting off of NJ.com:

    “Mark these truths: the stadium expansion will not be built, Mulcahy will be fired, McCormick will be fired, Schiano will coah at Bucknell, all coming true within 18 months!”

    Would you like us to send you the pictures of the expansion construction which has begun on Rutgers Stadium?

    IDIOTS.

  2. johnhlister says:

    No. You don’t need to do that. But you could send us the public offering notice for the bonds and information about how many have been bought.

    A list of the donors making up the $29M still to come would be nice too.

  3. IAmBetterThanAnyOfYou says:

    Remember, I’m not the one who needs to “prove” anything. You fools are the ones with the agenda πŸ™‚

  4. its funny how rutgers1000 ppl "think" they have a voice when in reality all that matters is that RU Football is being backed up says:

    It is true, rutgers1000 folks. you should see the bulldozers and such working at the stadium. living nearby, i can here all the work that is being done but i’m not complaining because what a gorgeous stadium it will be. i am sorry your little support group has no word.

    hope to see you at the game, since most of members of the rutgers1000 attend them anyways!

  5. bronxboy says:

    In reality, all that matters is RU football. Truer words were never spoken. We idiots and fools who seek to restore academic excellence to a once proud institution of higher education realize it’s almost assuredly a lost cause. Still, the effort is worth it, if only for posterity.

  6. IAmBetterThanAnyOfYou says:

    Actually, I would LOVE for the University to regain the “status” it once had, however, you’re fighting the wrong battle and you’re doing it in a futile way. Why don’t you guys just try spending your time and energy actually HELPING things at Rutgers instead of trying, in vain, to hurt something that has brought the university together like never before? That’s the problem with you guys and you just don’t get it.

  7. JerseyG says:

    What status?

    On the Waste Coast?

    It’s a STATE SCHOOL.

    You must be talking about Rutgers Prep – the k-12 school that costs more per year to send your kid to than RU (and always has) since FOREVER.

    I’m thinking the ones opposed to any successful athletic program are the ones who don’t shower for days on end and can’t figure out why noone wants to be around them for more than 5 minutes.

    Embrace your freedom, embrace the time in your life that you are at when ALL YOU HAVE TO DO is go to class and pass a test or 20. Embrace your ability to have no responisibilites other than to biatch about a football team! Get a haircut, , get contacts, lose a few pounds, get a therapist, do something and stop worrying about things you will NEVER change (NO, YOU WON”T CHANGE ANYTHING) Get out of your stinky dorm room/apartment (after you shower) and have fun.

    For once…enjoy yourself. It only gets harder and NOONE will listen to your whining in the real world. Noone. Unless, of course, you never grow up and surround yourself with other self loathers who want to change everything around them so everyone ELSE can be as miserable as they are.

    Get over it and enjoy yourself. It only gets harder.

  8. John.G says:

    Again, the pro-football posts here really do say a lot about the petty, adolescent mentality of the pro-football crowd.

  9. bronxboy says:

    Well, there you have it. The comments of the “big time” adherents reflect the quality of academic discourse at RU in the 21st century. It’s a veritable case study in de-evolution.

    The utter absence of critical thinking skills reflected in the unsupported factual assertions, the relentless ad hominen attacks on the adversary and the robotic repetition of the lies and deceptions of the boosters are proof that RU has failed miserably in its educational responsibilities.

    It’s over. Close the school. Turn off the lights and sell the Old Queens bell for scrap, but keep the football team. We can’t afford to waste the stadium expansion money.

  10. Joe F. says:

    If you gentleman would just put down the smoke, shave, take off your hemp shirts and put on a suit and tie, you might be able to gain employment and be able to afford one of those new club seats.

    The will be quite spectacular.

  11. IAmBetterThanAnyOfYou says:

    JohnG – when acting like a child one should be treated as such. πŸ™‚

  12. ... says:

    Could you guys please stop pretending that “football boosters” are a monolithic group, marching in lockstep, and devoid of critical thinking?

    There has been plenty of intelligent discourse about these very issues on Rivals, a site this blog likes to malign. In fact, we created a board entirely dedicated to academic and campus issues, despite the fact that Rivals is, of course, a website about college athletics. That board is very civil, and diverse points of view are welcomed. It’s anything but a group of neanderthals.

    You guys might be surprised how much you actually have in common with some of us – e.g., how bad the campus is – but you’re too busy fighting a lost cause to find common ground with many others and actually get things done.

  13. bronxboy says:

    Thanks for the thoughtful reply, but we can only respond to those who actually comment on the issues raised by the articles on this site. Please fill us in on the boosters’ ideas to restore academic integrity to RU. For over ten years all RU 1000 has ever heard from this administration and the fans are insults and more plans to make sure RU remains an athletically elitist institution.

  14. John.G says:

    Regarding the defender of rivals above, the poster must be referring to the board about “Campus Activities”, where all of 5-10 regulars moan about the academic decline of Rutgers or the state of the campus whilst sternly refusing to grasp the fact that the millions upon millions diverted to “big time” sports over the years have contributed to and caused this very problem.

    It says much about the posters on Rivals that the academic board is so unpopular; the huge majority of Rivals members couldn’t give a **** about the state of the university when they can discuss the latest 17 year old “stud” Schiano is chasing. This is, in a nutshell, what football has done to my alma mater, and this is why those of us who care for Rutgers university have NOTHING in common with posters on the booster boards. Let’s make that clear now.

  15. RUsupporter says:

    Rivals is a SPORTS WEBSITE. People who joined rivals were attracted by the sports coverage, a large part of which is the football message board. The academics board was created later on, just as something on the side for people to discuss, probably to keep academics/campus posts off the football board. And you’re telling me that, because this football board (obviously the main focus of a website dedicated to sports) gets much more traffic than the academics board, created on the side, the rivals posters don’t care about academics? That is absurd and insulting. It’s like saying that people who visit google.com and don’t click on the little “News” link in the corner must not care about the news. You Rutgers1000 people need to stop labeling all football supporters as dumb jocks who don’t care about education. It’s a downright rude generalization and makes you guys come off as complete a**holes, and for good reason.

  16. John.G says:

    The huge majority of the posters on the Rivals boards aren’t dumb jocks: They’ve never climbed that high. They’re dumb wannabe jocks, and few of them demonstrate the slightest concern for Rutgers outside of salivating and masturbating over the weight and speed of 17yo kids in high school. It’s so sad it’s almost pornographic, but there you go. As for “rude generalizations”, well, few descriptions could describe the general tenor of Rivals more accurately. A sewer of ignorance and anti-intellectualism and a ever-unfolding proof of the damage that football is doing and has done to Rutgers University.

  17. RUsupporter says:

    Why do you see a need to just repeat yourself instead of actually backing up what you said? I could just as easily label all Rutgers 1000 members (all 10 of them) as complete nerds who will never get laid, with nothing to back up that notion, but I won’t. Making fun of the opposition through stupid generalizations is no way to construct an argument. It’s beyond dispicable the way you have this arrogant, elitist attitude that those who support Rutgers football are below you intellectually. It is especially ironic that you feel that way, given that the basis of your argument is labeling rivals posters as people who “masturbate over the weight and speed of 17yo kids in high school.” What an intelligent argument. You’ve sure swayed me to your side with your attitude of contempt and elitism.

    No wonder the Rutgers 1000 can’t find any members. What reasonable person would want their name attached to a group that does nothing but tear others down?

  18. John.G says:

    Actually, if judging from alumni I know is any indication, then the Rutgers 1000 is doing rather well with regards to membership. I even sent them my first check a week ago.

  19. IAmBetterThanAnyOfYou says:

    JohnG – you’ve got to be kidding? You think that coming onto this “blog” and typing a bunch of bullsh*t rhetoric makes you smarter than somebody on rivals? LOL. You have just proven yourself to be a complete stereotyping joke.

    Thank you!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: