After institutional record-setting fundraising by Rutgers University, another Big 10 institution has shown that the fiscal strength of the conference goes beyond its television revenue.
Northwestern University has announced Welsh-Ryan Arena renovations that will total $110 million, which will be funded almost completely by private donations.
The press release gives primary credit for the renovation funds to gifts from Patrick G. and Shirley W. Ryan along with Stephen R. and Susan K. Wilson. The renovations will be thorough, touching everything from concessions to locker rooms to restrooms.
Most importantly, however, the potential for monetization of the home of Northwestern basketball will grow. Premium seating options will be quadrupled. Because these renovations are largely privately funded, that’s pure profit for the university.
Adding to the value of this fundraising is that it frees Northwestern to use other revenue streams – including $32.4 million as its distribution payment from the Big 10 – for other projects. These kinds of funds put Wildcat athletics in an elite company. Only other Big 10 and SEC institutions can boast such revenue.
What’s more remarkable about this example, however, is that the fundraising success hasn’t come as the overture of recent and remarkable on-court success. The Wildcats just had their first 20-win season since 2010-11, breaking a streak of three consecutive losing seasons. Northwestern basketball is most famous for never having been selected to the NCAA tournament.
That shows the strength of the institution, augmented by the strength of the Big 10. If teams in the bottom to middle rungs of the conference on a competitive basis can raise funds like this, then the basketball powers and even schools who have magical seasons should be able to ride the wave of momentum to similar results. Expect to see state-of-the-art facilities for football and men’s basketball across the Big 10 for the indefinite future.
It’s good to be B1G.
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