The Texas Tech plan to buy you pay new soccer facilities

The Texas Tech football program released a 10-minute video on Tuesday, in which Associate Athletics Director Antonio Huffman offered a first virtual tour of the Jones at & t Stadium South End Zone Building.

Tech announced plans for the massive project in July 2022, opened the South End Zone building at the beginning of the 2024 season and completed the Womble Football Center this winter.

In the next month, Tech Athletics is planning to acquire the property from the Red Raider Facilities Foundation, which has monitored the project and has structured a payment plan of more than $ 200 million for over 30 years, the employees of the technical athletics employees Jonathan Botros and Lacy Needham said in mid-February.

“Of course, part of it is repaid by gifts that continue to come from commitments,” said Botros.

Tech initially announced the project as 200 million US dollars. This grew to 242 million US dollars because additional components have been added.

The initial donation goal from Tech consisted of private gifts and commitments of at least 100 million US dollars. The project began with the removal of the masked driver statue and the original Double T display table from the South End Zone after the 2022 season with 81 million dollars. The total number of gifts and commitments is now a little less than 116 million US dollars, said Needham, Tech Senior Associate Athletics Director and Chief Financial Officer.

Tech has planned to reduce the difference through a combination of philanthropic gifts, financing, premium revenue from the match day, which were achieved by the South End Zone, and pay off the operating sales for the annual budget.

The Texas Tech University System Regent Board approved the issue of additional bonds for several projects on campus in autumn, including those who participated in football.

“You are currently working with external consultants in the pricing of these bonds and planning to create the sale at some point in March,” said Botros, “so that the transfer of ownership at the end of March from April would be somewhere at the end of March.”

“We still have the debts off,” said Needham, “but there will be some commercial newspapers, short -term debts with gifts that will still be received for this project, and then long -term debts. The schedule that we are expanding takes into account our existing debts so that we can keep our long -term bond in a consistent range from year to year.”

Tech currently has a little more than 60.5 million US dollars in debt with athletics. It had a little more than 12.2 million US dollars of guilt, leasing and rental fees for the operating budget for the operating budget for the 2024 business year ended in August.

Kirby Hocutt, director of Tech Athletics, has announced that he feels comfortable with the level of debt, since the department takes as a new priority for share of sales with the athletes. If the House's proposal against NCAA settlement receives final approval in April, schools can pay the athletes more than 20 million US dollars a year.

“We will continue to keep our facilities up to date and modern and fresh for recruitment, competition and training,” said Hocutt, “but our focused fundraising will be this new model (Revenue Sharing).”

The Texas Tech plan to buy you pay new soccer facilities

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