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W-S City Council Approves Purchase of the Joel for $8 million

RJKarl said:
We should just listen to you as you know it all...
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I would be shock shock shocked if we broke the $2mm mark on a new coach (if that's even something we have to worry about). Look at our ACC brothers... NC State, UVa, Clemson, etc. all hired coaches in the $1.5 to 2.0mm price range. Duke is the lone exception (even Roy doesn't collect $2.0mm from UNC).

We will win over a new coach the same way we win over recruits, by offering the opportunity to coach in the ACC with a small knit, passionate fanbase, decent facilities, and the outside chance of becoming a legend. We don't win recruits by trying to match the facilities and peripheral benefits of Florida State and Miami, we are not going to compete with the big boys in coaching hires. We never have and I see no reason to suggest we'd start now.
 
PhDeac said:
This would explain Wellman's message today.

Word on the street is $8 million for the building and land and a $25 million renovation. There is a plan to reduce seating by about 2000.

Anybody else have more information about this?
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Screw the renovations

Sign SHAKA to a 10yr $25mil deal
 
buckets said:
I would be shock shock shocked if we broke the $2mm mark on a new coach (if that's even something we have to worry about). Look at our ACC brothers... NC State, UVa, Clemson, etc. all hired coaches in the $1.5 to 2.0mm price range. Duke is the lone exception (even Roy doesn't collect $2.0mm from UNC).

We will win over a new coach the same way we win over recruits, by offering the opportunity to coach in the ACC with a small knit, passionate fanbase, decent facilities, and the outside chance of becoming a legend. We don't win recruits by trying to match the facilities and peripheral benefits of Florida State and Miami, we are not going to compete with the big boys in coaching hires. We never have and I see no reason to suggest we'd start now.
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We will have to overpay whomever we choose (unless he does another [Redacted] hire). The new revenue contracts also factor in to the price of a top level coach.

Wellman and the big hitters should see we have a once in a generation opportunity. This could be our K hire. You have to pay for that.
 
RJKarl said:
We will have to overpay whomever we choose (unless he does another [Redacted] hire). The new revenue contracts also factor in to the price of a top level coach.

Wellman and the big hitters should see we have a once in a generation opportunity. This could be our K hire. You have to pay for that.
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Is there any precedent for that? Paying for your legendary coach up front? Saban at Bama? Meyer at OSU? That's all that comes to mind. Lots more stories of overpaying. Most legends get paid in contract #2.
 
You would be wrong about Saban. The first contract he signed at Bama was one of (if not) the biggest contract for a college FB coach.

As to Urban Meyer, he got one of the biggest salaries and huge lump sum payments in multiple years.

The reality is the ACC just got a huge contract. This is a factor for Shaka.

Another reality is we suck. There is a premium to pay for that.

The success he's having again is another factor.

He was offered $2.3M by as program in better shape.

You put all those factors together and you are looking at $3M/year. He is worth it.
 
RJ, he was saying that Meyer and Saban were the only two he could think of off the top of his head that made huge money on contract number one with a school
 
NoVaDeac said:
RJ, he was saying that Meyer and Saban were the only two he could think of off the top of his head that made huge money on contract number one with a school
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Yep. If you break the bank leveraging every penny for contract number 1, where do you go with #2? I think you are overestimating our ability to generate revenue.
 
PhDeac said:
Good questions, VaDeac.

I heard a pretty detailed breakdown of the Joel situation awhile back including all the renovations necessary and possible revenue streams and how much Winston is losing on it. Winston should be paying us to take it. If anything we should be paying $1.

On the other hand, putting $33 million into a 24 year old arena is cheaper than building one from scratch. I just can't see Wake being able to put the resources together to manage it and draw enough events to break even.

I hope somebody has a better idea of the plan.
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Yeah this. I thought for sure they would almost give it to us since they are losing so much on it. I'm a bit surprised we paid what we did.
 
IIRC, wake contributed some of the money to the cost of the initial construction. Maybe we paid 2.5mm toward the cost of $14mm. Those number seem very low by today's standards but there wasn't even a jumbotron then. That is why our rent was $1. Also, I think this was the third attempt to get a new coliseum. I feel like I read this in a media guide a long time ago.

Also, I think part of the reason the coliseum is losing money is that the city prohibits them from having guarantee events there, where they guarantee certain ticket sales. Very few events will schedule withou those guarantees anymore, especially on smaller towns
 
Deacfreak07 said:
Yep. If you break the bank leveraging every penny for contract number 1, where do you go with #2? I think you are overestimating our ability to generate revenue.
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We are getting about $2M more in revenues from the new TV contract. Now that we own the Joel (or whatever it will be called), the sale of about 4000 extra seats/game for 17-18 home games will produce a lot more revenue.

If we are good we can charge more for covering us on the radio and will sell more logo products.

We can afford the price of a good coach.
 
rj makes a valid point. The basketball money is going to be pouring in. Offer Shaka $1.5M with bonuses (increasing attendance, post-season play, etc.) and call it a day. Let the magic happen. We can get this guy and turn the Titanic away from the iceberg. You don't throw $2M out there from the get go but Shaka is a rare guy who could turn the ACC on its head some day.
 
Rooster said:
Yeah this. I thought for sure they would almost give it to us since they are losing so much on it. I'm a bit surprised we paid what we did.
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We had to pay $8mm. That is the cost of the outstanding debt, which I think are bonds backed by city. Therefore, we couldnt just pick up the payments on the debt, we have to retire it.
 
DirkTheDeac said:
rj makes a valid point. The basketball money is going to be pouring in. Offer Shaka $1.5M with bonuses (increasing attendance, post-season play, etc.) and call it a day. Let the magic happen. We can get this guy and turn the Titanic away from the iceberg. You don't throw $2M out there from the get go but Shaka is a rare guy who could turn the ACC on its head some day.
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RJ's point is that we can and should offer a lot more than $1.5.
 
Smart signed an 8 year contract with VCU last year that started at 1.3m and will increase each year. He has 5 of his top 7 players back next year. He will eventually leave VCU but it's not going to be in the next couple of years unless it's one of the very top dogs.
 
Wake played the USSR national team back in 75 or 76
 
Fuck 1.5m. Make a statement and force Shaka or Stevens to turn down 3m. Show we aren't fucking around.
 
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