UTC Mocs To Extend Contract For 3 Years With Finley Stadium
Tuesday, October 9, 2018
UTC officials said a contract extension with Finley Stadium Davenport Field has been reached. The new agreement was ratified at Tuesday's Stadium Corporation board meeting.
The new deal includes a three-year term, ending on June 30, 2021. There is an option for a fourth year to keep Finley Stadium as the home site for UTC football and soccer contests.
"Finley Stadium is an outstanding venue for UTC football and soccer," said Chancellor Steve Angle.
"The addition of a new video scoreboard has enhanced the quality of the fan experience. We are delighted to continue the partnership with Hamilton County, the city of Chattanooga, and the community that led to the construction of Finley Stadium.
"We also appreciate the Stadium Corporation Board for working with us to reach an agreement that is in the best interest of both UTC and the Finley Stadium Board."
In the new agreement, UTC will pay an annual fee of $146,880, with a two percent increase each year. Finley Stadium will continue to be responsible for normal security expenses during football and women's soccer games, utility and maintenance expenses, and staffing expenses.
As with the past contract, the Mocs retain 100 percent of ticket sales and share revenue for concessions and parking. This includes UTC receiving 20 percent of gross revenues from general food & beverage concessions, 50% of net income from food truck concessions and 50 percent of net income from North Parking Lot revenues. Finley Stadium retains all revenue from skybox rentals, along with the sale of food and beverages to skybox patrons.
"We are looking forward to continuing our long-standing relationship with Finley Stadium," said UTC Vice Chancellor & Director of Athletics Mark Wharton. "This agreement fits the needs of our athletics program and I am excited about the future of our partnership with Finley Stadium."
The scope of the use outlined in the new contract gives the Mocs access to the Stadium, the First Tennessee Pavilion and parking for football games. UTC has access to the stadium for women's soccer games, practices by both programs and other UTC events.
The Mocs also have first priority for scheduling football and women's soccer games, provided they are scheduled by the deadlines specified in the agreement. All other UTC events do not have first priority if they conflict with a non-UTC event that is revenue-generating.
Finley Stadium opened in 1997 and is currently in its 21st season as the home of the Mocs football program. UTC's soccer program has played at Finley Stadium for the past 11 seasons, but also played selected home games at Finley from 1997-2004.