Ruiz stadium update

[OriginalCanesCanesCanes]

All jokes aside, it would be a dream scenario, but it could be lengthy. I understand that, and I have never been more optimistic because of Ruiz.

That last sentence was mostly me joking, but that crap Ross pulled ****ed me off at the time. It's in the past, and if the Hard Rock stays our home, I will enjoy that place because I get to watch my canes. We can honestly play in a high school stadium, and as long as I get to watch my canes play, I would love it.

Honestly to me, I’m just glad Ruiz is on our side, and since realistically nothing can even possibly happen for years, I just want to focus on the good he’s doing with NIL - to me getting talent is job one. Period.

Everything good happens from that, so I’m just happy the focus continues to be there.

I don’t care if we become an elite team at Hard Rock Stadium or Life Wallet Stadium. Stadiums don’t win you football games, elite players do - and lots of them.

To me it’s way more important to prioritize talent acquisition over the next few years, as well as maintaining a high-level coaching staff and improving facilities. This is the highest priority for me.

I’m not going to fetishize a stadium, real or imagined, I just want to win, and we’re headed in that direction with or without a new stadium. That to me is way more important.

 

[canecrazy23]

Honestly to me, I’m just glad Ruiz is on our side, and since realistically nothing can even possibly happen for years, I just want to focus on the good he’s doing with NIL - to me getting talent is job one. Period.

Everything good happens from that, so I’m just happy the focus continues to be there.

I don’t care if we become an elite team at Hard Rock Stadium or Life Wallet Stadium. Stadiums don’t win you football games, elite players do - and lots of them.

To me it’s way more important to prioritize talent acquisition over the next few years, as well as maintaining a high-level coaching staff and improving facilities. This is the highest priority for me.

I’m not going to fetishize a stadium, real or imagined, I just want to win, and we’re headed in that direction with or without a new stadium. That to me is way more important.

This is 100%

 

[ssvir]

Honestly to me, I’m just glad Ruiz is on our side, and since realistically nothing can even possibly happen for years, I just want to focus on the good he’s doing with NIL - to me getting talent is job one. Period.

Everything good happens from that, so I’m just happy the focus continues to be there.

I don’t care if we become an elite team at Hard Rock Stadium or Life Wallet Stadium. Stadiums don’t win you football games, elite players do - and lots of them.

To me it’s way more important to prioritize talent acquisition over the next few years, as well as maintaining a high-level coaching staff and improving facilities. This is the highest priority for me.

I’m not going to fetishize a stadium, real or imagined, I just want to win, and we’re headed in that direction with or without a new stadium. That to me is way more important.

100%.

Stadium would be great if its on par with HRS but NIL $, well paid coaches, dramatic facilities improvements, tons of support staff, and then a stadium after that in order of importance.

UM really has a chance to get back to the top being the leaders of NIL, great coaching staff, new facilities being discussed, the new dorms, etc.

 

[Atom Atlas]

Just win and everything else falls into place....

 

[Angry Ibis]

Just win and everything else falls into place....

Unless it’s too inconvenient for some…

 

[rsa coral gables]

Agreed, however whoever controls the lease could jack up the price when the current lease ends (which I guarantee they will) and they'd have UM by the balls. Right now it's a pretty generous lease, I think UM pays 4 mil per year. It could double or triple the next time around. On top of that, the last upgrades to HRS will be almost 2 decades old by the time the lease is up. What happens if the owners decide they don't need to renovate because they are trying to strong arm the county into paying for it? We get to become the joke of CFB again for playing in a broken down ancient stadium.

It makes so much more sense for UM to have some ownership of a new stadium so the school doesn't have to completely rely on someone else to make needed changes.

you say we pay $4MM, which is what i have always heard, while others say we pay zero and split the revenue or part of the revenue for each game.

considering there is only one venue in south florida south of Orlando where the team can play and assuming lease is a well drafted lease, i assume (a) it has renewal provisions that allow UM to renew for multiple renewal terms and (b) it has a formula to calculate the rent for the renewal term so that UM is not held over a barrel.

 

[rsa coral gables]

Just win and everything else falls into place....

i agree with this entirely. miami wins and the stadium issue becomes secondary if not tertiary or worse

 

[Rellyrell]

you say we pay $4MM, which is what i have always heard, while others say we pay zero and split the revenue or part of the revenue for each game.

considering there is only one venue in south florida south of Orlando where the team can play and assuming lease is a well drafted lease, i assume (a) it has renewal provisions that allow UM to renew for multiple renewal terms and (b) it has a formula to calculate the rent for the renewal term so that UM is not held over a barrel.

Here’s an article explaining buyout terms when this topic first came up

Stephen Ross Rakes in 'More Than $4 Million Annually' for Canes Football at Sun Life

www.cbsnews.com

 

[OriginalCanesCanesCanes]

you say we pay $4MM, which is what i have always heard, while others say we pay zero and split the revenue or part of the revenue for each game.

considering there is only one venue in south florida south of Orlando where the team can play and assuming lease is a well drafted lease, i assume (a) it has renewal provisions that allow UM to renew for multiple renewal terms and (b) it has a formula to calculate the rent for the renewal term so that UM is not held over a barrel.

I scanned the most recent financial statements from UM, and I don’t believe there is a break out as an individual line item. I have to look at it with a more detailed eye, it may be broken out but I don’t see it yet.

 

[hoops156]

Here’s an article explaining buyout terms when this topic first came up

Stephen Ross Rakes in 'More Than $4 Million Annually' for Canes Football at Sun Life

www.cbsnews.com

That says revenue which is what the athletic said lol. The financial statement doesn’t list the rent. The herald said the canes share revenue w the fins in exchange for no rent to be paid. That 2015 article you posted which is old as shut says Ross makes 4 mm in revenue not rent

 

[hoops156]

I’d prefer if the canes are the managing partner in this new build. I want miami to habe complete control of the venue and Allows what can be used there. I remember s canes nit gsme got shifted from the buc bc of a awards show

 

[rsa coral gables]

Here’s an article explaining buyout terms when this topic first came up

Stephen Ross Rakes in 'More Than $4 Million Annually' for Canes Football at Sun Life

www.cbsnews.com

thank you. given that rent can be structured in different ways, the important part of the article is the suggestion that there is no guaranteed or minimum rent just a sharing of revenue and expenses. could be a way of avoiding sales tax on rent although for purposes of florida sales tax "rent" is defined broadly. i saw no mention of a certain buyout provision, just an assumption of a how a buyout could be structured. it would appear there are 10 years left on the lease

 

[Ispyin]

We'll see. The issue is not "the rules", it has always been the (over) enforcement of rules.

You're not supposed to drink underage, but it happened, except for that bad year in the late 80s when Florida was sending in ATF agents to use those pH sticks to test what people were drinking. A bunch of my fellow classmates took a conviction on that back in the day.

 

[Ispyin]

I absolutely do think HRS is an amazing venue. If Ruiz wants to build a stadium more power to him but its going to cost $1B to build a stadium with similar attributes to HRS. As a CFP (Certified Financial Planner) for 15 years and a real estate private equity manager for another 15 years my opinion is that is a waste of resources and a poor ROI for the university.

I actually graduated in Finance from UM, attended nearly every game at the OB/HRS in the last 30 years, have had season tickets for 25+ years, donate significant money annually to the school and athletic department, and live in South FL ..... I'm not in my 20s or 30s living 3,000 miles away in LA, having never attended a game in the remodeled HRS.

YOU are the one consistently bringing up the LA Coliseum and USC as an example for why a stadium at Tropical Park is a windfall for the university. You make statements of fact w/o knowing what the actual facts are ... my bad I forgot you talked to "your boy" at USC who I'm sure is the CFO or attorney that worked on the contracts and knows the actual financials and terms and regularly discusses them with you.

In 15 years both HRS and this new Tropical Park stadium are going to once again need hundreds of millions in improvements and I would rather the Dolphins ownership be on the hook than a loose collective of UM donors and Miami-Dade county.

In summary, I remember when I was young and thought I knew everything like you.

As someone who has lived and went to school in Miami and lives in California- the minute I hear someone comparing USC situation with the Coliseum which is literally across the street from the edger campus and which has 100 year history with the school essentially and comparing it to either Miami with the Orange bowl situation or hard rock situation present day, I know they know absolutely jack **** about what what the city and US he did in California and what John Ruiz has stated would happen with any new stadium he does that Miami could claim as their home. They’re not even the same sort of conversations going on

 

[Rellyrell]

That says revenue which is what the athletic said lol. The financial statement doesn’t list the rent. The herald said the canes share revenue w the fins in exchange for no rent to be paid. That 2015 article you posted which is old as shut says Ross makes 4 mm in revenue not rent

Last page fine print:

https://controller.miami.edu/_assets/pdf/documents/fy2021_financial_statements.pdf

 

[Rellyrell]

As someone who has lived and went to school in Miami and lives in California- the minute I hear someone comparing USC situation with the Coliseum which is literally across the street from the edger campus and which has 100 year history with the school essentially and comparing it to either Miami with the Orange bowl situation or hard rock situation present day, I know they know absolutely jack **** about what what the city and US he did in California and what John Ruiz has stated would happen with any new stadium he does that Miami could claim as their home. They’re not even the same sort of conversations going on

The thing is no one compared the two situations. The only reason y the Coliseum entered the conversation was how USC became managing partners & the benefits of it. That will never happen w/ Miami, however, the only comparative was “if” Miami were to get a stadium, it would be in our interest to have some sort of managing partnership.

 

[Rellyrell]

That says revenue which is what the athletic said lol. The financial statement doesn’t list the rent. The herald said the canes share revenue w the fins in exchange for no rent to be paid. That 2015 article you posted which is old as shut says Ross makes 4 mm in revenue not rent

Pls understand, whether we pay up front or we pay on the back end from gross revenue, we’re paying. The notion that we’re playing for free is disingenuous. Playing for free would mean Ross/HRS made nothing from us. So whether we make $$ on ticket sales while forfeitting all other revenue or he comes in, see what our total gross revenue was & takes his cut, we’re paying. I don’t care how it’s sliced, Ross is making $$ from us; we’re not playing there for “free.”

 

[rsa coral gables]

Last page fine print:

https://controller.miami.edu/_assets/pdf/documents/fy2021_financial_statements.pdf

not much revealed in that one paragraph except to confirm that the lease runs through 2032. if it is a short term lease, for the purposes of financial reporting, it is not reported on the balance sheet, IIRC, but i'll leave this to the CPAs. the HRS revenues/liabilities do not seem to be itemized in the FS.

 

[rsa coral gables]

Pls understand, whether we pay up front or we pay on the back end from gross revenue, we’re paying. The notion that we’re playing for free is disingenuous. Playing for free would mean Ross/HRS made nothing from us. So whether we make $$ on ticket sales while forfeitting all other revenue or he comes in, see what our total gross revenue was & takes his cut, we’re paying. I don’t care how it’s sliced, Ross is making $$ from us; we’re not playing there for “free.”

correct, which is what i said above. rent or split of revenues/expenses, same **** different characterization (except for reporting purposes and sales tax).

 

[Rellyrell]

correct, which is what i said above. rent or split of revenues/expenses, same **** different characterization (except for reporting purposes and sales tax).

That’s the bottom line, honestly. Barry Jackson misrepresented the actual agreement, but we’re paying something. Bro, if Ross was being Santa Clause & we played in HRS for free?!! Paint that mug purple & move 20 more miles North! Lol. Who cares!! For free??! Sign me up.