ALBUQUERQUE, N.M. — Figures obtained by The Albuquerque Journal reveal that the University of New Mexico’s plan to cover its yearly basketball arena renovation costs is not going as intended.
The university’s original strategy was to have revenue from the sale of suites cover its yearly renovation bill of $2.4 million. But the Journal reported (http://bit.ly/2xyWguB ) Thursday that a document it obtained shows only about 28 percent of last season’s bill was paid for by parties unaffiliated with the university purchasing suites.
University Associate Vice President Chris Vallejos says the athletics department reported generating $816,250 in suite revenue for the 2016-17 season, but the Journal states that $145,000 of that was money transferred from elsewhere within the university’s domain.
Twenty-one and a half of the arena’s 40 suites were occupied last season under season-long contracts.
Information from: Albuquerque Journal, http://www.abqjournal.com