The city of Omaha and the NCAA were going to agree on a 20 year partnership. Yesterday that got bumped up to a 25 year agreement. Omaha will get a new downtown stadium and host the College World Series, which has been around since 1950, and the NCAA gets a guaranteed $5million a year.It’s the longest agreement ever signed by the NCAA. It’s a great move for them with the minimum $5 million a year guarantee. It keeps the CWS in Omaha, a sporting tradition. After months of bickering on either finding a downtown location for a new ball park or renovating Rosenblatt Stadium, all parties came to agree that the best location would be Qwest Center parking lots.
Here is a breakdown of how the money will be allocated and spent with the CWS when the ballpark opens in 2011.
Public funding (keno revenues, hotel-motel and car rental taxes): $6.4 million
Stadium (includes naming rights, parking, suites, concessions): $3.7 million
Tickets: $5.9 million
Total: $16 million
Where the money goes
Stadium construction debt: $6.5 million
Operating expenses/stadium upkeep fund: $3.5 million
Fee to NCAA: $5 million
Reserve fund:share remaining $1 million
Source: City of Omaha, College World Series of Omaha Inc.