Public needs study time on arena deal
The proposal being floated by IMG College to finance and build a new Haymarket arena might be a good deal for the community.
But the deal should not be put together behind closed doors, sprung on the public and put on a fast track to approval before the public has had an adequate chance to evaulate it.
After all, this kind of deal apparently would be the first of its kind in the nation. Before any action is taken, all the details should be laid out in public view.
So far, only the broad outlines of an agreement have become public, even though the concept has been laid out to Lincoln officials.
Under the plan, IMG College probably would require the rights to revenue and marketing for the arena until the construction debt is paid.
What else might the community and the University of Nebraska be asked to surrender? Would the arena be managed for the benefit of the community as a whole, or purely for the company’s bottom line?
IMG Worldwide is a giant that is extraordinarily successful in exploiting and promoting sports mania on a global basis.
It has billions in multiyear licensing agreements with universities across the country.
IMG College in June agreed to pay NU up to $112.5 million ($109 million guaranteed) in a 13-year agreement that is one of the largest of its kind, according to NU officials.
Its venture into building arenas in the United States is a relatively new development. In addition to talks in Lincoln, IMG and officials in Kentucky have launched a study of whether IMG should privately finance and build a new arena to replace the 32-year-old Rupp Arena, where the University of Kentucky Wildcats play their home games.
In one sense, the interest that IMG College has shown in building an arena in Lincoln provides reassurance that the concept won’t be a bust. If a company with the financial acumen that IMG has demonstrated on a global scale is interested in the idea, there must be a pretty good chance that there’s money to be made.
It’s also encouraging that IMG College and its affiliated company, International Stadia Group, are partnered with the respected architectural firm HKS, which has designed stadiums for the Indianapolis Colts and Dallas Cowboys. HKS also has been involved in devising temporary methods for configuring indoor football stadiums into basketball venues for the NCAA Final Four.
But many questions remain. What happens if the deal doesn’t work out as IMG hopes? Would the city end up on the hook? What about the vote that was promised for the arena project?
In the end, a proposed deal with IMG might be best for the community. But the public ought to have a chance to put the arrangement under bright lights and a microscope before a commitment is made.
But the deal should not be put together behind closed doors, sprung on the public and put on a fast track to approval before the public has had an adequate chance to evaulate it.
After all, this kind of deal apparently would be the first of its kind in the nation. Before any action is taken, all the details should be laid out in public view.
So far, only the broad outlines of an agreement have become public, even though the concept has been laid out to Lincoln officials.
Under the plan, IMG College probably would require the rights to revenue and marketing for the arena until the construction debt is paid.
What else might the community and the University of Nebraska be asked to surrender? Would the arena be managed for the benefit of the community as a whole, or purely for the company’s bottom line?
IMG Worldwide is a giant that is extraordinarily successful in exploiting and promoting sports mania on a global basis.
It has billions in multiyear licensing agreements with universities across the country.
IMG College in June agreed to pay NU up to $112.5 million ($109 million guaranteed) in a 13-year agreement that is one of the largest of its kind, according to NU officials.
Its venture into building arenas in the United States is a relatively new development. In addition to talks in Lincoln, IMG and officials in Kentucky have launched a study of whether IMG should privately finance and build a new arena to replace the 32-year-old Rupp Arena, where the University of Kentucky Wildcats play their home games.
In one sense, the interest that IMG College has shown in building an arena in Lincoln provides reassurance that the concept won’t be a bust. If a company with the financial acumen that IMG has demonstrated on a global scale is interested in the idea, there must be a pretty good chance that there’s money to be made.
It’s also encouraging that IMG College and its affiliated company, International Stadia Group, are partnered with the respected architectural firm HKS, which has designed stadiums for the Indianapolis Colts and Dallas Cowboys. HKS also has been involved in devising temporary methods for configuring indoor football stadiums into basketball venues for the NCAA Final Four.
But many questions remain. What happens if the deal doesn’t work out as IMG hopes? Would the city end up on the hook? What about the vote that was promised for the arena project?
In the end, a proposed deal with IMG might be best for the community. But the public ought to have a chance to put the arrangement under bright lights and a microscope before a commitment is made.
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