LINCOLN, Nebraska – Next Friday, the University of Nebraska Board of Regents will meet to discuss permitting alcohol sales at Nebraska basketball games, the beginning of Memorial Stadium renovations, and the approval of a new $300 million multi-media rights agreement.
At the board meeting on September 30 in Kearney, a proposed adjustment to the University’s operating agreement with Pinnacle Bank Arena will be discussed, authorizing the sale of alcoholic beverages at Nebraska men’s and women’s basketball games beginning this season.
In February, the board of regents revised the university’s policy on alcohol sales at sporting events, permitting the sale of alcohol at the Big Ten Wrestling Tournament at Pinnacle Bank Arena.
The City of Lincoln, which owns Pinnacle Bank Arena, will also be engaged.
The plan before the Regents would allocate ninety percent of alcohol sales revenue to the city and ten percent to the University.
There are currently no plans to sell alcohol at Memorial Stadium or Haymarket Park.
The gathering will also address the beginning of the inspection process for Memorial Stadium upgrades.
Prior to this, Athletic Director Trev Alberts surveyed Husker fans to see what adjustments could and should be implemented.
The Regents will decide to begin the planning process and pick a program manager, design team, and construction company on Friday, November 16. This approval would occur earlier than usual, but according to the University, it will allow Alberts and other University leaders to have a “expert team at their side from Day 1 of what is anticipated to be a large, highly complex, rapidly evolving process involving private fundraising, design, and construction.”
The adoption of a new multi-media rights agreement with Playfly Sports Properties is a major item on a packed agenda.
The proposed deal would begin on October 1 and continue until 2038.
Included in the deal would be:
$273,6 million in revenue payments that are assured
$7,500,000 in signing bonuses
$6.5 million in royalties (estimated)
$6.0 million in capital investments
$5.5 million digital suite (web/app)
$2.25 million for NIL fund
“The arrangement between the University and IMG expires on June 30, 2021. The complexity of the transition to an in-house model, along with the shifting legal, economic, and political environment of collegiate athletics, has prompted Nebraska Athletics to carefully consider returning to an external multimedia rights model over the past year, according to a document outlining the agreement.