Who are the Real Losers in the Rutgers Stadium Debacle?

The private fundraising effort to pay for a $30M shortfall in the financing of a $102M stadium expansion for Rutgers University has been a debacle. Less than $2M has been raised since the Governor and State Senator Raymond Lesniak (D-Union) announced the initiative nearly a year ago. Governor Corzine, who is leading the effort, has donated $1M, the vast majority of the funds obtained to date. Meanwhile, even the strongest supporters of the idea, like Senator Lesniak, now say that the drive will result in far less than $30M and more like $10M, leaving a gaping $20M shortfall in funding. Interest-bearing short-term commercial loans are currently subsidizing the stadium expansion, creating further indebtedness.

Currently, the Rutgers Board of Governors is discussing how to make up the shortfall but the ideas on the table, including raising ticket prices, hiking tuition, and taking stadium revenues from other athletic programs, will likely not cover the shortfall and worse, will cripple the Rutgers athletic program and the University itself since fans are already balking at the increase in ticket prices this year and students are disturbed about the steep tuition hike last year...

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Michael M. Shapiro, founder of ShapTalk.com, is an attorney who resides in New Providence, New Jersey. He currently serves as the Editor of The Alternative Press Contact Mike at mike@shaptalk.com