Upon accepting an invitation a few weeks back, the Virginia athletics department touted all the virtues that Alabama’s, Georgia Tech’s, Wake Forest’s, Penn State’s, and Missouri’s did not – student athletes are more important than money, continuing the season is worthwhile, even at a financial loss, etc.
Over the weekend, several local news outlets reported just how much of a loss the CBI proved to be. There was s $60,000 price tag due to The Gazelle Group (the tournament’s organizers) for each home game. Virginia sold more than 16,000 tickets collectively for the three home games, and of course generated parking concession revenue on top of ticket sales, but will likely be around $150,000 in the red. The RTD cited executive associate AD Jon Oliver’s assertion that a win over ODU and a full three games in the best-of-three championship round could have upped the loss to as much as $300,000.
Extending the careers of the team’s seniors – most notably all-ACC guard Sean Singletary – was cited as a reason for participating both after the fact and upon accepting the invitation. One has to wonder if the financial loss is in line with expectations going in, or if the athletics department saw the draw of additional Singletary home games and projected higher attendance figures…
Meanwhile, The Virginian-Pilot reports that ODU was able to negotiate a home game without the $60,000 price tag, under the conditions that all profits went to the Gazelle Group.
Tags: virginia basketball