Things are looking good at Finley Stadium. Tuesday morning, directors were told that on the financial side after the first quarter of 2023, and “pushing the level of activity that the stadium can support,” there was a 25 percent increase in total revenue compared to the same time last year.
Food and beverage profit was up 17 percent, with the stadium itself handling much of the concession business rather than using outside vendors. That was an increase of $50,000 in revenue, and Mr. Wright said there is room for growth in this category and he has ideas to increase sales for next year. Facilities rentals income was up 44 percent over 2022, mostly because of activities that were added on Saturdays at the Pavilion during times when it had not been used before. The kitchen has been rented out on a full-time basis, and rental income from the Stadium Club was $15,000, up from $500 last year. Next year after renovations have been done in the Stadium Club, there are even bigger expectations for the space.
Beer and alcohol sales this period were flat to lower than last year and skybox income remained the same. All skyboxes except one are leased, and that one is available and has been rented out consistently, mostly by business groups. Parking income is down about 20 percent, attributed to several nearby business closing that had a parking agreement with Finley, and because of other companies with employees who are working from home.
Expenses at the stadium have increased on par with the revenue increase, said Executive Director Brian Wright. But the administration costs were 16 percent lower than the same time last year because of the savings from having in-house accounting. And the cost of utilities was 26 percent lower, which was attributed to Facilities Manager Peter Turk’s emphasis on efficient use of energy. Costs of maintenance and repairs are about the same as they were in 2022.
There were increased expenses associated with concessions and food and beverage because of the set-up costs of doing it in house. Mr. Wright said now processes have been figured out and the number of people needed to operate these businesses are known and he is looking for efficiencies going forward. Another expense was $35,000 spent to join a music booking conglomerate that will help Finley market itself as a music venue so that it can become a business that can be counted on.
Derryberry PR has been hired for professional public relations and, with the increased volume of business, the stadium is now able to support an in-house culinary position who would be over food and beverage related to skybox catering, private catering and elevated concessions. And there is now a search for the full-time position of Fields and Grounds manager who would work under Mr. Turk, the facilities manager. This person would be the point person when Mr. Wright or Mr. Turk are not present.
Full utilization of all the facilities in the stadium complex has been another focus this year, and activities are being layered, said Mr. Wright. In the first three months this year, there were 111 events, with something booked every day. This is up from 49 events last year.
A new activity will be filling the days in the pavilion this winter, during the time when it has not been used at all, previously. This year, beginning on the Friday after Thanksgiving, Ice on the Landing will open with the 140x40-foot ice rink in the center of the pavilion. There will also be a small tent where equipment can be rented. Breck Stewart with Chattanooga Presents told the board that the First Horizon Pavilion is a great location for the holiday attraction, giving the feeling of being outdoors without rain. In addition to the ice rink there will be art vendors, food trucks, a hot chocolate trailer, and Naked River Brewing selling beer. There will be enough space to hold corporate events there, as well. The rink will be open until Jan. 28. “This fits perfectly into our off-season,” said Mr. Wright.
The NISA soccer playoff will be held at Finley Stadium on Nov. 5, with Chattanooga Football Club being the 2023 regular season champions. And officials are hopeful that there will also be playoff games with UTC soccer and UTC football held at Finley Stadium.
Every Saturday from March through June 2024, the pavilion is already fully booked with events and is looking ahead to fall next year. Electrify America, a charging station for electric vehicles, has signed a lease with the stadium for a location behind the pavilion. After getting permits from the city of Chattanooga, construction is expected to begin Nov. 8.
The strategic capital plan includes replacement of the 26-year-old elevators and new stadium lighting. Mr. Wright has asked both Hamilton County and the city of Chattanooga for support to make the $1.2 million in improvements possible. Naming rights for the Stadium Club when it is renovated will go to the local Budweiser distributor and the name will become the “Ultra Club.” The construction for making the renovations will go out to bid in November.