False. Kind of, it's until 2030. It's the usage agreement between Ralph Engelstad Arena and UND. Hockey makes money - the REA is sitting on over $10-$15 million+ dollars and their only liabilities are deferred revenues from ticket and suite sales for games that haven't been played yet. The money for the recent locker room and weight room renovations didn't come from UND athletics - $$ for that was donated by the Engelstad Foundation, and 2/3 of the $6 million dollar scoreboard and video board were donated by the Engelstad Foundation, as well. I don't know why the REA and Kris Engelstad was unwilling to reword the usage agreement when Kennedy was president, but the money is there, and that's why former President Kennedy was fighting for it. Source: (page 23)
https://www.nd.gov/auditor/sites/www...S%20Report.pdf
UND takes control of the building, all operating decisions, and all financials in 2030.
UND currently gets 0% on concessions/beer sales and suite sales, and only 50% of advertisement sales, and 48% of all ticket revenue, including for football. There are about 1000 suite and club seats in the building which are not included in the ticket revenue distribution to UND. I believe UND does get champions club revenue generated from suite/club sales, at least (not sure how much, but I believe a certain membership/donation level is required).
In 2030, the athletic department will likely report, at least, an additional 5+ million in top line revenue (from concessions/beer/suite/club sales). FYI, the attached basketball arena was paid for with revenue generated mostly from hockey (arena costs were financed and REA revenue was used to pay off the loan).
Originally Posted by nodak651
False. Kind of, it's until 2030. It's the usage agreement between Ralph Engelstad Arena and UND. Hockey makes money - the REA is sitting on over $10-$15 million+ dollars and their only liabilities are deferred revenues from ticket and suite sales for games that haven't been played yet. The money for the recent locker room and weight room renovations didn't come from UND athletics - $$ for that was donated by the Engelstad Foundation, and 2/3 of the $6 million dollar scoreboard and video board were donated by the Engelstad Foundation, as well. I don't know why the REA and Kris Engelstad was unwilling to reword the usage agreement when Kennedy was president, but the money is there, and that's why former President Kennedy was fighting for it. Source: (page 23) https://www.nd.gov/auditor/sites/www...S%20Report.pdf
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