Finley Stadium's Profit And Loss Sheet Looking Good

  • Tuesday, May 29, 2018
  • Gail Perry
New premium seating at Finley Stadium
New premium seating at Finley Stadium
photo by Gail Perry

Executive Director of Finley Stadium Chris Thomas gave a positive financial and management report to the board of directors Tuesday afternoon. The stadium’s profit and loss statement through the end of April shows a net income of $124,391 and it is expected to get even better, said board member Ryan Crimmins. In the upcoming fiscal year net income is budgeted to be lower, $67,800.

 

The expectation of maintenance and repairs for the 21-year-old facility influenced the new budget.

The operating performance is stable now, said Chairman of the Board Gordon Davenport, but maintenance and upkeep issues for stadium are being addressed and it is recognized they will continue to need attention.

 

Other key items taken into account include changes in managing of the parking lots. Growth is happening all around the stadium campus with four new apartment buildings, The Signal concert venue and a new restaurant that will be opening next door to the First Tennessee Pavilion. There have been some “abusive neighbors,” in the past and, as a mechanism to monitor the lots, an arrangement has been made with Republic Parking. Kiosks have been installed for “passive parking” and an attendant will be present to oversee the lots.

 

This new program of paid parking for non-event days will be in effect seven days per week every day of the year, including the Chattanooga Market. The hourly rate, however, is low, just $1 per hour except from 6 p.m.–6 a.m. on weekends when the price is $2. The $1 charge is a way to prevent undesired use of the lots and for public safety.

 

Some of the new surrounding developments will have contracts with the stadium for permit parking and there will continue to be special charges for event day parking. The income from the lots is projected to be $265,000 for the year, an increase of around $70,000 from the current year.

 

The main complaint since the kiosks have been installed is that there are not enough of them and lines are long. There has also been some confusion with the public since one lot on the opposite side of the street belongs to developer John Wise and he is charging $10 for parking. That lot is unrelated to parking that is controlled by Finley Stadium.

 

An update to the new seating project was presented to the board. Both the premium seats and some new bench seating have now been installed. There have been several problems found with the seats and payment has been withheld until the repairs are complete. It was stated that the fixes are considered a punch list and the manufacturer is supportive of making the corrections.

 

Another upgrade to the facility will be a new 24x69-foot video board that will be installed by Aug. 23. It will be located where the current score board is now.  

 

In the upcoming fiscal year, the key agreement with UTC is up for renewal. Discussions are now taking place and are on track, said Mr. Thomas. The term will be for four or five years.

 

Activities at the stadium include a quarterback training camp this week and several other training camps in the next few weeks. The High School Jamboree, one of the largest events held at Finley Stadium, is also on the schedule. In all, there will be about 406 events held this year, including the Main Street Market. Six new events are planned with hopes that they will become recurring.

 

Officials at the stadium requested a safety review from the Chattanooga Police and have been given guidance that will be implemented.

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