Fifth Third Arena Renovation

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Tom Groeschen is at the BOT meeting. Lots of good stuff on his Twitter. https://twitter.com/tomgroeschen


Tom Groeschen ‏@TomGroeschen 2m2 minutes ago
#UC President Santa Ono also is voicing his support for the Fifth Third renovation, here at the Board meeting

Tom Groeschen ‏@TomGroeschen 5m5 minutes ago
'From a recruiting and competitive standpoint, this would be huge for us.' - Cronin

Tom Groeschen ‏@TomGroeschen 6m6 minutes ago
Mick Cronin, speaking before the #UC Board: 'This would be as good or better than any campus arena in the country.'

Tom Groeschen ‏@TomGroeschen 9m9 minutes ago
Reiterating: #UC teams will have to vacate Fifth Third for one season

Tom Groeschen ‏@TomGroeschen 11m11 minutes ago
New Fifth Third Capacity reducted to around 11,500 but AD Bohn would like to get it to 12,000. Current capacity 13,176
#UC #Bearcats

Tom Groeschen ‏@TomGroeschen 12m12 minutes ago
'There will be better sound, better views. There are no bad seats in this design' -- #UC architect Beth McGrew

Tom Groeschen ‏@TomGroeschen 17m17 minutes ago
#UC AD Bohn says fundraising is at $15M for Fifth Third, asking Board approval to keep it going. Project may top $70M (all private funds)

Tom Groeschen ‏@TomGroeschen 19m19 minutes ago
#UC women's basketball coach Jamelle Elliott & volleyball coach Molly Alvey also here at Board meeting. Their teams also play in Fifth Third

Tom Groeschen ‏@TomGroeschen 41m41 minutes ago
.@ENQSports will report the Fifth Third Arena renovation vote as soon as it happens. Presentation about to happen.
#UC #Bearcats

Tom Groeschen ‏@TomGroeschen 42m42 minutes ago
#UC basketball coach Mick Cronin and AD Mike Bohn are here at Board of Trustees meeting. Approval expected on Fifth Third Arena renovation.
 
Santa J. Ono ‏@PrezOno 17m17 minutes ago
University of Cincinnati approves funding of $87MM for the construction of a new Fifth Third Arena on campus

The whole project is being pushed back one year. Construction is slated to start April 2017 and be done for 2018 season.
 
I wouldn't get your hopes up just yet. I hear the big donors are very hesitant on donating big $$$ again (Nippert). That is one of the reasons it got pushed back a year.
 
Bearcat09 said:
I wouldn't get your hopes up just yet. I hear the big donors are very hesitant on donating big $$$ again (Nippert). That is one of the reasons it got pushed back a year.
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According to the AD, the reason it got pushed back a year was because the dollar value of the renovation essentially doubled and they needed more time to complete funding. It's going to happen.
 
JasonS said:
It's going to happen.
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Without a doubt it's going to happen. I know people inside the program that are nervous about enough funding for even the new date. Their goal was to raise 40m-45m by December 1 and they reached a little less than 25m. Just keep your fingers crossed
 
Bearcat09 said:
Without a doubt it's going to happen. I know people inside the program that are nervous about enough funding for even the new date. Their goal was to raise 40m-45m by December 1 and they reached a little less than 25m. Just keep your fingers crossed
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Let's all buy MegaMillions tickets until someone wins, and agree to fund the new arena with the winnings.
 
So I see "new 5/3rd" is the renovation off? Bulldozing it to ashes and standing a new building in its place? That feels like the way to go I think; UC architecture has passed that building by a far amount. Would 5/3rd still care for naming rights on it since PNC edged them out?
 
Pretty sure 5/3rd has the naming rights for a couple of more years. Which sucks because they don't have to pay for it to be on the new building....missing out on some serious $$$ there.
 
BCM said:
So I see "new 5/3rd" is the renovation off? Bulldozing it to ashes and standing a new building in its place? That feels like the way to go I think; UC architecture has passed that building by a far amount. Would 5/3rd still care for naming rights on it since PNC edged them out?
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Was that ever really an option? That would have cost a fortune, which UC does not have.

Bearcat513 said:
Pretty sure 5/3rd has the naming rights for a couple of more years. Which sucks because they don't have to pay for it to be on the new building....missing out on some serious $$$ there.
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Not really since 5/3rd is already paying $$$ for those naming rights, new building or not.
 
Bearcat513 said:
Fifth Third already paid UC for the naming rights. They are giving UC no more money as of now.
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Whether they are still paying them over the life of the agreement or paid in a lump sum makes no difference. They paid UC to have naming rights over a given time frame. Plus, I doubt there is a huge jump in what UC could charge just because they renovated a building. So they aren't really missing out on money for this. 5/3rd didn't get those rights for free.
 
TheLongHaul said:
Whether they are still paying them over the life of the agreement or paid in a lump sum makes no difference. They paid UC to have naming rights over a given time frame. Plus, I doubt there is a huge jump in what UC could charge just because they renovated a building. So they aren't really missing out on money for this. 5/3rd didn't get those rights for free.
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Correct. Out of Mike Bohn's mouth, 5/3rd paid a certain amount, I forget how much, payable over time for naming rights for a designated period of time. I forget how much longer, I want to say 6 more years but that is purely a speculative guess on my memory. But he did say that they recently had paid in full. He was asked this at a donors meeting in front of about 300 people of which I was one about two months ago.
 
TheLongHaul said:
Whether they are still paying them over the life of the agreement or paid in a lump sum makes no difference. They paid UC to have naming rights over a given time frame. Plus, I doubt there is a huge jump in what UC could charge just because they renovated a building. So they aren't really missing out on money for this. 5/3rd didn't get those rights for free.
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I know they paid them, I meant there wouldn't be a new bidding war or something for the rights to the "new" basketball arena UC is building. It will still be 5/3rd from the previous deal.
 

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