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Private funding for Cal’s Memorial Stadium renovation woefully short

Wednesday, April 18, 2012

imageHow’s this for a financial tremor? The $321 million price tag for retrofitting Memorial Stadium at UC Berkeley was supposed to be paid for mostly through long-term seat sales and naming rights. But the Wall Street Journal reports that, as of December, three years into the fundraising effort, the school had collected only $31 million of the projected $270 million from seat sales and that “it has become clear that the university will have to borrow the vast majority of the money.” An excerpt:
In recent interviews, university officials acknowledge that if revenue projections fall short and won't cover the bond payments, the shortfall "would have to come from campus."
The idea that money for the football stadium could come from campus funds, which include student fees, is an admission likely to stir outrage at a school that's already facing possible double-digit tuition increases.

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