So have a bit of down time and figured I'd do a little research just to see the actual cost of acquiring Brad Underwood using ticket sales. According to the 2016-2017 K-State financial report the revenue made in mens basketball tickets was $3.5M. In 16 home games this year we've averaged 11,426 fans, the capacity for Bramlage is 12,528 so through some super complex math formula I discovered that means we are short 1,102 fans every game. Over 17 home games this season that comes out to 18,734 total seats left unsold.
I couldn't find any great information on average cost of tickets per game so I'm using this announcement of 15-16 single game tickets on sale now. I'm also using the cheapest seat available just to keep it as conservative as possible. The cost per ticket considering all non-con, conference weekend, conference in week and KU games ended up being $22.50 but the KU game is almost always sold out so just to be super conservative the average cost without the KU game ends up being $16.47.
So going off the assumption that with an Underwood coached team we have every game sold out and that those extra 18,734 tickets per year average out to $16.47 we'd bring in an extra $308,548.98/year. But just to make life and numbers easier we'll round up to $308,550/year.
I'm not counting the $2M buyout of Webers contract into the cost of acquiring Brad simply because any hire we make will have that added cost. And once again to make this relatively simple we will assume that Brad will have the exact same contract as HCBW. So that all being said and all this pointless research being done to repay Brad's $6M contract buyout in just ticket revenue alone it'd take us 19.45 seasons to pay it off.
This is obviously not counting in tons of factors, donors will surely pay for a chunk of the buyout if we go that route, if he is successful our MBB revenue will increase not only in tickets sold but average ticket price will increase amongst other factors and of course he could fail and our ticket sales and prices could decrease. Lots of extraneous factors here, but I was intrigued so I went ahead and did the research.
Also just to clarify I'm not arguing for or against here, I just figured I'd check out the numbers.
I couldn't find any great information on average cost of tickets per game so I'm using this announcement of 15-16 single game tickets on sale now. I'm also using the cheapest seat available just to keep it as conservative as possible. The cost per ticket considering all non-con, conference weekend, conference in week and KU games ended up being $22.50 but the KU game is almost always sold out so just to be super conservative the average cost without the KU game ends up being $16.47.
So going off the assumption that with an Underwood coached team we have every game sold out and that those extra 18,734 tickets per year average out to $16.47 we'd bring in an extra $308,548.98/year. But just to make life and numbers easier we'll round up to $308,550/year.
I'm not counting the $2M buyout of Webers contract into the cost of acquiring Brad simply because any hire we make will have that added cost. And once again to make this relatively simple we will assume that Brad will have the exact same contract as HCBW. So that all being said and all this pointless research being done to repay Brad's $6M contract buyout in just ticket revenue alone it'd take us 19.45 seasons to pay it off.
This is obviously not counting in tons of factors, donors will surely pay for a chunk of the buyout if we go that route, if he is successful our MBB revenue will increase not only in tickets sold but average ticket price will increase amongst other factors and of course he could fail and our ticket sales and prices could decrease. Lots of extraneous factors here, but I was intrigued so I went ahead and did the research.
Also just to clarify I'm not arguing for or against here, I just figured I'd check out the numbers.
