.jpg)
FAU officials pitched the stadium proposal to banks on Monday.
'Moment of truth'
FAU officials make stadium proposal pitch to banks on Monday with hopes of gaining financial backing.
Originally published on
2/22/2010
by
Chuck King
Florida Atlantic officials spent Monday morning by taking their stadium plans to the bank. Or, to be more precise, banks.
FAU President John Pritchett and Athletic Director Craig Angelos hosted a handful of representatives from local financial institutions, hoping to entice them to lend the school an amount not to exceed $70 million to build the new on-campus football stadium, part of the Innovation Village project.
“We hope that one of these banks will finance our stadium,” Angelos said. “This is the moment of truth. Hopefully someone will.”
Angelos originally would have liked to have the banks’ proposals by March 1st, but said on Monday that the deadline will likely be extended to March 9. He’s unsure of how many banks – if any – will bid on the project.
A deal for the stadium naming rights was hoped to be in place prior to Monday’s meetings, but Angelos said finding such a sponsor is proving difficult.
FAU football coach Howard Schnellenberger was one of the speakers who addressed the bankers. Angelos took the representatives on a tour of the campus following the presentation.
“I felt good about it,” Angelos said. “It’s all about how the banks feel about it.”
If the funding is approved, FAU expects to have the stadium up and functioning for a potential September 2011 home opener. The school began clearing the land for the project in December.
FAU currently plays its home football games at Lockhart Stadium in Fort Lauderdale.