MU renews BC Lease

[mu_hilltopper]

From the Business Journal.. Looks like the rent didn't go up much, so they got that going for them.  Should have asked them to call it the Crean Dome, though.

http://milwaukee.bizjournals.com/milwaukee/stories/2006/10/23/daily39.html?t=printable

Bradley Center, Marquette agree on new lease
The Business Journal of Milwaukee - 4:51 PM CDT Thursday

The Bradley Center has reached a new lease agreement with Marquette University that will keep the men's basketball team playing at the downtown Milwaukee sports arena through the 2010-2011 season.

The four-year lease covers the next three seasons, plus the already completed 2005-06 season. In addition, the lease contains two one-year extensions through the 2011 season.

Marquette will pay $19,600 per game in rent this season, compared with $19,000 per game under its previous lease. Bradley Center officials said the lease will provide Marquette with additional advertising and revenue sponsorship opportunities. Also, the Bradley Center is renovating and expanding Marquette's locker room.

In addition, Marquette will continue to receive about $14,000 in revenue from the use of suites at its games and also will begin to receive a portion of merchandise sales. According to the lease, the first $80,000 in merchandise sales during a season will go the Bradley Center. After that threshold is met, Marquette will receive 20 percent of the proceeds of merchandise sales for the remainder of the season.

Bradley Center officials said Marquette will receive priority game dates after the Milwaukee Bucks, the building's main tenant, sets its schedule.

"Marquette is an incredibly important and valued tenant of the Bradley Center," said Steve Costello, president of the Bradley Center. "The team brings hundreds of thousands of fans to the Bradley Center and downtown Milwaukee during the 20-plus games they play at home each season."

The new lease comes just weeks after the Bradley Center completed a new lease with the Bucks that will keep the National Basketball Association team playing in the building through 2008.

[NYWarrior]

this is a great deal for MU........finally, MU has leapfrogged the Admirals for scheduling priorities which can only help matters.  Plus, the cut of merchandise is good to see as well

[Chili]

We are now officially bigger than minor league hockey! Yes! Screw you Peoria Chiefs!

Serious note though - this is huge for MU. The suites revenue alone can fund a ton. Man I can't wait for my first Miller at the BC.

[mu_hilltopper]

I hadn't thought about this:

In addition, with the completion of Club Cambria and improvements to the Courtside Club, Marquette will be able to produce more revenue.

"They are places where we can do things with sponsors, donors and alumni," Cottingham said.

I haven't seen it yet, but I'll bet MU uses Club Cambria quite a bit for pre-game stuff.  Great addition to the puzzle.

[LastWarrior]

Man I can't wait for my first Miller at the BC.

Maybe I misread the article but I thought MU would only get a cut of the merchandise revenue and NOT the concession revenue.  If they're also getting some of the liquor sales, I won't feel so bad overpaying for a beer!!

[Chili]

Very true, the Bucks get some (I think 30% but I need to check the contract) of the concession revenue and the rest goes to the BC. But, I like to pay my salary with a beer. 

[herboturbo]

Does anybody know about how much mechandise is purchased during the year at the BC??

[bheitz]

Does anybody know about how much merchandise is purchased during the year at the BC??

Good question.  I have no idea, but I'm guessing it could be more if the selection was better.  Up until the spirit shop re-racked their web site, pickings were pretty slim for those of us from out of town with just enough time to make the mad dash up for the games.