I’m all for privatizing the Greensboro Coliseum; but the Greensboro News & Record calling the deal between UNC-G and the Coliseum a big risk misses the point.
Neither organization is risking anything. UNC-G is taxpayer funded. The Greensboro Coliseum is taxpayer funded. If this deal fails – NO ONE will lose their job, no one will go bankrupt or out of business. If it succeeds, UNC-G might get some money for scholarships, may be a new bus – the Coliseum will find some way to spend its share instead of reducing the annual $2 Million Dollar operating loss.
I congratulate the News & Record into doing the math on this scheme. The now defunct Ice Hockey team cost the city about $200,000 to operate – the amount estimated that this scheme could lose. ONLY PROBLEM – Generals Hockey accounted for ALMOST ONE-HALF MILLIONS DOLLARS in Coliseum Advertising. The Coliseum netted $300,000 from the Generals Hockey Team. They kept it all. No split with the City, owners or taxpayers.
With the UNC-G Basketball scheme, the coliseum could “possibly” split $318,000 – BEST CASE – with UNC-G.
Generals Ice Hockey $ 300,000 Coliseum Revenue – FACT.
UNC-G Basketball – possible loss of $200,000 to possible revenue of $159,000.
You do the math.