“This is a good time to be part of Finley Stadium,” said Mike Davis, chairman of the Finley Stadium Board, after hearing the financial reports for the facility six months into the fiscal year. Executive Director Brian Wright gave the board some of the details that led to October through December being the second-best quarter of all time for the stadium, which first opened in 1997. Upcoming capital plans were also included in the update given to the board of directors.
Income for the stadium complex is derived from three main facilities on the campus - the stadium itself, the First Horizon Pavilion and the Stadium Club. And changes are coming to the Stadium Club that will increase its use and add to the total number of events each year that the stadium campus will be able to accommodate. Renovations are being made to the space that will become “The Ultra Club.” With the updates, it will be transformed into a more attractive and inviting venue where more meetings and private events will be held. That will contribute to more income from rentals, food and beverage service and parking. The construction has begun and is expected to be finished by the third week in April.
Other capital projects have also been scheduled. The 27-year-old elevators, original to the stadium, will be replaced. Otis Elevators will be doing the work, and Mr. Davis said that the needed equipment has been ordered. One of the two elevators will remain active throughout the work, he said.
There will also be the addition of walk-through metal detectors, replacement of the field goals, improvements in the audio-visual equipment in the skyboxes and replacement of sewer pumps in the locker rooms.
Services that boosted income over the previous year include Food and Beverage that increased 33 percent compared to the same time last year and concessions that were up 60 percent. Facilities rentals increased by 23 percent this year and that trend is expected to continue with the new Ultra Club. Overall, said Mr. Wright, revenue was up 27 percent not counting $600,000 in funds given to the stadium by Hamilton County.
The biggest event held at the stadium since 2007 was the Blue Cross Bowl state championship game between McCallie and Baylor, and that game contributed to a lot of the overall increases for the year.
Revenue from parking was down 10 percent. That was partially due to expenses tied to a contract with BightBase to manage parking around the campus. And construction has been completed on the Electrify America electric vehicle charging station built at the back of the stadium that will be opening soon. Mr. Wright said there will be no advertising or announcement for the opening because once it is commissioned, cars that have the app will be directed to it and just show up. There are six charging stations at the stadium location.
Expenses during the last year have remained relatively flat, the board was told. Much of the credit was given to Facilities Manager Peter Turk. Mr. Wright said that management of the facilities has been refined by Mr. Turk in the four years he has been at Finley Stadium. An example given was that the cost of certain utilities has decreased even with increased use.
Events are now being tracked by type, by location and percentage of revenue they generate. The use of the entire campus is being maximized. The total number of events increased from 244 in 2022 to 407 that were held in 2023. Having more events than there are days in the year is not easy on the staff, said Mr. Davis. And so far, 209 events have been booked for 2024. Even the parking lot is being used for a farmer’s street market each week and the pavilion is not only used for the Sunday markets but also for pickleball in the summer. New this year, cornhole will also be played there. Ice on the Landing was a big success this winter in the pavilion where people could use the ice rink outdoors despite rain. Most every year-to-year events that have been using the stadium are already booked to return plus new ones are on the calendar.
After several years of contracting out catering, culinary service will be brought back in-house. Mr. Wright said that as the costs increased for outside caterers, they were passed on to Finley. That and because surveys from customers preferred in-house catering, a new chef has been hired. That chef will do the catering for the skyboxes and for private events. Another way to cover the increased costs in food and beverages is that the price will no longer include tax. It will be added on top of the list price of catering going forward. Because food and beverage has been such a big part of the good financial reports it will need to be closely monitored because it is hard to manage, said Board Member Gordon Davenport.
The stadium director is also leading the facility in the effort to reduce waste and be environmentally friendly. He said in 2023 there were 40,000 cans (1,400 pounds of aluminum) recycled, which generated a $850 donation to Habitat for Humanity. TriStar Beverage joined Finley Stadium and matched that amount for a total of $1,700 given in 2023. For the first time, 4,000 pounds of food from the skyboxes were composted. And a volunteer day will be held in April for the second year.
Board Member Ryan Crimmins said there was a day and time that the stadium operated in the red. Things have changed now, and he said, “This has been an outstanding six months. It is a stellar report.” He told Mr. Wright, “What you’re doing is incredible.”