Notes from USC Board of Trustees meeting
The USC Board of Trustees met on Friday afternoon with several athletics-related items on the agenda..
- Phase II approval was given to South Carolina's football operations building by the USC Board of Trustees on Friday. Contract Construction will build the facility. It is hoped that all government approvals will be secured by November 1.
- Construction is slated to begin on the facility in early 2017, with completion slated for the summer of 2018.
- The total cost of the operations facility is $50 million, to include $47 million in revenue bonds and $3 million in gifts. The promenade in Gamecock Park will be named The Tommy Suggs Garnet Way in recognition of a substantial gift from his family to help fund the facility.
- A large sculpture was approved for the plaza at Williams-Brice Stadium at a total cost of $995,000.
- Gamecock Sports Properties and USC have come to a new agreement; it's a new 10 year contract beginning in July 2017. GSP guarantees USC $110 million over the term, which includes $4 million up front, $98 million + in rights guarantees, plus signage contributions ($3 million-plus) , ticket purchases, and a suite obligation purchase ($850,000 in total over the life of the contract). In return, GSP is the exclusive multimedia rights holder - TV rights, radio rights, print right to various programs, etc.
- USC can also earn performance bonuses from GSP, such as a $10,000 bonus for reaching the SEC Championship game, $7,500 for a basketball NCAA Tournament appearance, $25,000 for a College World Series appearance, to name a few.
