The financial picture continues to improve at Finley Stadium. At a meeting Tuesday, the stadium board of directors was presented with the financial report from July-October, 2015 that showed a net income of $181,999.45. This is $19,798.77 over the same time period last year.
Management of the facility, led by Executive Director Paul Smith, has examined all aspects of operating the stadium campus and is taking advantage of every opportunity.
Mr. Smith gives credit to his staff - Venue Manager Brian Wright, Events and Hospitality Manager Hayley Bates, and Erika Tierce, assistant events and hospitality manager. Profits have increased since the stadium itself now does much of the maintenance and it is now in charge of catering. It also has shared income with UTC and the Chattanooga Football Club (CFC) from parking and concessions. One way the stadium has gained more control over concessions is by functioning as the distributor for Coke products that are sold by food trucks and vendors at the venue.
Beer and alcohol licenses have been obtained for the stadium complex allowing concession sales of these items. Since then, there has been a 33 percent increase in profits of beer sales and it has been doubled from the sale of wine and Bloody Marys dispensed at the Chattanooga Market during the first four months of the fiscal year. Mr. Smith noted that the Chattanooga Sunday Market is the largest market in America that is not a permanent market.
The partnership between Finley Stadium and CFC has also been very lucrative. The CFC uses the stadium when it otherwise would be vacant and has consistently averaged 5,000 spectators per match. That number is expected to go up after the stadium hosted the match between the U.S. Women’s National Soccer team and Costa Rica last August. That game drew 18,000 fans, which is more than the UTC games have been drawing - around 12,000. Those spectators also patronize the concessions and use parking spaces.
In the past, a kitchen located at First Tennessee Pavilion had been earning the Stadium Corporation only $300 monthly. A new project funded by Benwood Foundation, titled “Benwood Small Food Initiative,” will make the commercial kitchen available to small-batch catering businesses by the day, serving as a business incubator. The foundation is contributing to the upgrades that are needed. It will be known as the Chattanooga Kitchen Space and will be managed by the Chattanooga Market. Rent of $2,000 per month will be paid to the Stadium Corporation, under a five-year lease. Mr. Smith said, in addition to the added revenue, the new venture will add curb appeal, make use of otherwise dead space and will help animate the facility.
The Stadium Corporation has around $256,000 allotted for field renovation. Priorities will be determined by Chairman of the Board Bryan Patten and Mr. Smith. On the “wanna do” list is to replace the blue seats, said Mr. Patten. Relamping the stadium so that night games can be televised is also under consideration. The lights in place now have been there 12 years and have a life expectancy of 10-15 years. An estimate to do the work has been received for $34,600. A decision was made to wait for next season when LED technology may be more advanced.
Another project being explored is how windows in the sky boxes could be opened. It was not included when the stadium was built because of the high cost. Board member Mike Davis plans to meet with an architect to determine the best way this can be accomplished and to ascertain the cost. Because of aesthetics the changes would be required to be consistent. . Each box owner will be able to make the upgrades to their skybox.
Another issue discussed at the meeting was security. Mr. Smith told the board that an emergency action plan was developed last summer before the women’s soccer match, which was held just after the military attacks in Chattanooga. That plan can be used for weather-related events in addition to terrorist attacks. He has also been in touch with the Chattanooga Police Department, which recommended the steps of being more vigilant and doing bag checks. An officer may also be added to the roof. “It’s a balance between customer service and security,” said Mr. Smith.
Mr. Patten reported that fundraising has gone well at the stadium and that people want to invest in ventures that have been successful. He said that with contributions made this year by the city of Chattanooga and Hamilton County along with an anonymous donor and gifts from Blue Cross Blue Shield and First Tennessee Bank, he believes that the Friends of Finley two-year campaign to raise $1 million will be successful.
The next meeting of the Stadium Corporation Board is tentatively scheduled for Feb. 23.