June 16, 2011
ANN ARBOR, Mich. -- The University of Michigan Athletic Department presented to the Board of Regents a proposed fiscal year 2012 budget and gained approval for renovations to Yost Ice Arena on Thursday (June 16). The athletic department projects an operating surplus of $11.4 million for FY 2012 based on total operating revenue of $121.2 million and operating expenses of $109.8 million.
"Thanks to tremendous donor support and a motivated and loyal fan base, we are in a strong financial position," said director of athletics Dave Brandon. "This has allowed our department to invest in our physical plant and add two new Division I varsity sports during this fiscal year. We've sold all the premium seats at Michigan Stadium and have an exciting eight-game home football schedule this fall that will generate significant resources for us to re-invest in ways that will make a difference for our student-athletes, coaches and fans."
The Board also approved a $14-million renovation of Yost Ice Arena that will begin after the 2011-12 season and be completed by the outset 2012-13 season. The project is not expected to affect the Wolverines' competition schedule.
The renovations at Yost will replace the bleacher seats, create ADA accessible seating and loge boxes. In addition, new premium seating opportunities will be created and a new press box area will be designed on the west side of the arena. There will be an upgraded concourse with improved concessions and more points of sale. The facility will get new exterior windows, similar to the Glick Fieldhouse, and lighting to create a more inviting atmosphere.
Chief Financial Officer Jason Winters commented that Michigan Athletics' continued fiscal health has resulted in investment of nearly $440 million of construction projects over the past 10 years.
Michigan will fund 29 varsity sports to the full NCAA scholarship limit and provide for continued capital investment during FY 2012. The athletic department is a self-supporting unit that does not receive financial support from the University's General Fund.
Yost Ice Arena Renovation Renderings
(Approved at Board of Regents meeting on Oct. 13, 2011)
Media Contact: David Ablauf (734) 763-4423