Brad Edwards Named New Athletic Director

gmujim92

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GIVING DAY 2023
http://gmuhoops.co/2014/09/10/georg...t-on-the-patriot-center/#sthash.VySBsZgb.dpbs

During President Dr. Angel Cabrera’s AMA on reddit today, I asked a question about men’s basketball spending. Cabrera mentioned in his response that they are already working on a lot of projects in fundraising but the big news is that they are seeking a naming gift for the Patriot Center. - See more at:

The times, they are a' changin'. Finally.

Good job Cabrera and Edwards.
 

Pikapppatri8

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Its so nice to see clear movement in the right direction. I ain't gonna lie...I have a man crush on Angel.
 

gmujim92

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gmu05

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Yep, I set up a meeting with an investor and the Mason team 2 years ago on this and they said they (Mason) were close to getting a deal done a few years earlier that fell through. Hopefully Brad Edwards will have more success!!

What was the estimated value?
 

Five Two

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What was the estimated value?
What the naming rights is worth to the company and what Mason value's the opportunity are different.

As I've posted elsewhere, signing a naming rights deal to a 30 year old building that has had only one name for it's 30 yrs is a tough sell. Sure, there are lots of events held there, but people are so trained to calling it the Patriot Center. If it becomes the RCN Center, people are still going to refer to it as the Patriot Center. that's less valuable to RCN (using them as an example. have no idea who is being pitched). the other downside is the lack of corporate hospitality space and suites. Factoring in both of those challenges, the value is probably around $200,000 per year. I'm sure Mason is looking for 3x that and companies are wanting to only pay $200k. Thus, the reason nothing has happened since 2001.
 

GSII

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At what point to do we say F it, tear down and build anew? Or are we stuck with what we got until the hand rails start showing ROI?
 

GMUgemini

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At what point to do we say F it, tear down and build anew? Or are we stuck with what we got until the hand rails start showing ROI?

The building isn't that old. We aren't a pro-franchise team that "needs" to build a new arena every 10 years.

I think the biggest problem we have is not the age, but how damn busy our arena is. vcu can easily expand their arena or build luxury suites in the offseason because it sits pretty much empty most of the time. But we have over 60 dates between our last home game and our first. That makes ripping up the bowl and redoing it (which is probably what is needed the most right now) a losing proposition.

We don't necessarily have a ton of creature comforts, but the Patriot Center is certainly one of the best mid-major arenas in the country and would hold it's own at a lot of So-called power conference schools.
 

gmujim92

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The building isn't that old. We aren't a pro-franchise team that "needs" to build a new arena every 10 years.

I think the biggest problem we have is not the age, but how damn busy our arena is. vcu can easily expand their arena or build luxury suites in the offseason because it sits pretty much empty most of the time. But we have over 60 dates between our last home game and our first. That makes ripping up the bowl and redoing it (which is probably what is needed the most right now) a losing proposition.

We don't necessarily have a ton of creature comforts, but the Patriot Center is certainly one of the best mid-major arenas in the country and would hold it's own at a lot of So-called power conference schools.

Next October the PC will be 30 years old -- hardly ancient compared to some arenas, but not exactly young either.

Where it shows its age, IMHO, is that it was built at a time when our program was pretty much low-major and only the truly powerful programs played in buildings with all the bells and whistles.

Both of those have changed. We're now playing in a high-major league, we have a Final Four banner, but our arena is seriously lacking in the types of amenities one can find at many of our competitors' on-campus facilities (Dayton, Richmond, vcu, ODU, URI all have suites, among others).

Even Towson found a way to build a new arena for its historically lousy basketball program. It's about 3,000 seats smaller than what we'd need, but it's a gorgeous building and one we certainly could be proud of.

The PC is fine for what it is, a basic arena with plenty of capacity for concerts and Disney on Ice. But it's not unrealistic after three decades to suggest that a new arena in the mold of URI's Ryan Center would be a good fit for a program that aspires to play with the big boys.
 
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gmujim92

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Also, a new arena would obviously fetch a much higher number from naming rights.

Corporate types love to have suites available for entertaining clients or even spreading around to employees.

And as was noted, the current Patriot Center has been around so long, people are probably going to keep calling it by that name even if Google buys the naming rights.

A new building would eliminate that problem.
 

GMUgemini

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Also, a new arena would obviously fetch a much higher number from naming rights.

Corporate types love to have suites available for entertaining clients or even spreading around to employees.

And as was noted, the current Patriot Center has been around so long, people are probably going to keep calling it by that name even if Google buys the naming rights.

A new building would eliminate that problem.

I would agree, but I also think we have a problem of where is the money going to come from? Towson got help from Maryland to build their arena, I'm not so sure GMU would get the same kind of help from the Virginia Assembly at this point, especially since we probably can't prove a "need" for a new arena in the same way we did when we originally built the Patriot Center).

So we would probably have to come up with the money on our own. Towson's arena cost $62 million, so I'm guessing an arena of the scope and size we would want would be closer to $80-$90 million (John Paul Jones arena was around $131 million in 2006, UMD's Xfinity Center cost $125 million -- both estimated to be around $160 million inflation adjusted for 2014).
 

gmujim92

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I would agree, but I also think we have a problem of where is the money going to come from? Towson got help from Maryland to build their arena, I'm not so sure GMU would get the same kind of help from the Virginia Assembly at this point, especially since we probably can't prove a "need" for a new arena in the same way we did when we originally built the Patriot Center).

So we would probably have to come up with the money on our own. Towson's arena cost $62 million, so I'm guessing an arena of the scope and size we would want would be closer to $80-$90 million (John Paul Jones arena was around $131 million in 2006, UMD's Xfinity Center cost $125 million -- both estimated to be around $160 million inflation adjusted for 2014).

The GA authorized JMU to issue bonds for the construction of a new basketball arena, right on the heels of a huge expenditure for upgrading their football stadium.

While I doubt Cabrera would be eager to take on $100MM in new debt for a "want" at a time when the state is slashing its spending on higher education, perhaps that changes at some point if the economy ever truly recovers?
 

Pablo

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Wouldn't it make more financial sense to do a major renovation similar to UR's Robins Center at the same time the Patriot Center's roof is replaced?
 
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