Rutgers Board of Governors Approves New Financing Plan for Stadium Expansion

NEW BRUNSWICK, N.J. – The Board of Governors of Rutgers, The State University of New Jersey, today approved a new financing plan for the expansion of Rutgers Stadium – ensuring the project will be completed in time for the 2009 football season.

The $102 million project will increase the stadium’s seating capacity to approximately 54,000. The project will be funded entirely by revenue generated by the success of the athletics program – including ticket sales for the approximately 12,500 new seats as well as parking fees, concession sales and donations from season ticket holders.
Due to rising cost projections, the university has scaled back the scope of the project to stay within the original $102 million budget. Some portions of the project that will not generate revenue – such as new locker rooms – will be deferred to a later date.

“Rutgers football has generated tremendous excitement throughout the university community and the state of New Jersey. Coach Greg Schiano has built a program that is successful both on the field and in the classroom,” said Rutgers President Richard L. McCormick. “The university has thoroughly reviewed all options related to the construction and financing of the Rutgers Stadium expansion project. The consensus is clear – the completion of this project is the right economic decision.

 “The revenue generated by the football program will cover the cost of construction. This project will create badly needed construction jobs, contribute to the state’s economic recovery and dedicate a permanent source of new revenue for Rutgers athletics,” McCormick added. “Now it is time to complete the stadium expansion project and give thousands of additional fans the opportunity to root for the Scarlet Knights in person.” FULL STORY

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