Audit for the year ended 2/29/09 is up on the Louisiana Legislative Auditor's website PDF link

Auditor's opinion states there is still a concern about the I-Bowl Foundation's ability to continue operations. Does it mean an end to the I-Bowl? No. It means trouble for the Foundation running the bowl game.

On to the numbers....

1. Ticket revenue DECREASED approximately $150k from the prior year. Seriously, it went DOWN from the prior year ticket revenue.

2. The Foundation lost approximately $85,000 for the year ended 2/29/09, which is better than the $450,000 lost the prior year. Still not good when you had a "home" team playing in the game. However, part of that decrease in the loss from the prior year can be attributed to #4 below.

3. The Foundation has a note payable with Capital One for the new scoreboad at their stadium. Payments are due each year in the amount of $150k. For the year ended 2/29/09, the Foundation DID NOT pay their $150k!! They were able to extend the length of the note since they were not able to pay it this fiscal year.

4. The Foundation is trying to cut costs in order to become more profitable. While total expenses did decrease approximately $600k for the year, $550k of that decrease was due to LTU and NIU being the schools in the game, therefore the Foundation did not have to pay as much to those schools if say the SEC and Big 12 were able to fill their spots. So basically, they have not reduced any of their expenses. Had the Big 12 or SEC conferences, or both, had enough teams, you could have been looking at approximately $700k in losses for the Foundation this year.

The Foundation has now filed suit against former title sponsor PetroSun for non-payment of their sponsorship fees. No idea how that will turn out in court.

Doesn't look good for the I-Bowl Foundation. Once you start not being able to make your payments on your loans, you're screwed.

perhaps they should bring in teams from close by, ya know, with fans who will ACTUALLY COME TO THE GAME (i.e. Louisiana's Ragin Cajuns rather than Northern Illinois)

This would be a bigger story is the I-Bowl had not found a new title sponsor. With a new title sponsor they are definitely back on the scene.

It does kind of suck that the Bowls can just arbitrarily pay out less to a Sun Belt or non Rich Six team. I assume that's written in the contract ?

Hell....... they'll be making us pay them before too long.

(09-30-2009 12:21 PM)KAjunRaider Wrote:  It does kind of suck that the Bowls can just arbitrarily pay out less to a Sun Belt or non Rich Six team. I assume that's written in the contract ?

Hell....... they'll be making us pay them before too long.

Hell, dont they already?

The schools have to buy thier share of tickets and if they dont sell them they eat the cost.

Oh well. Independence Bowl wouldn't have had that problem if they would've been smart and taken Louisiana over NIU. Dumbest bowl decision I've ever seen.

(09-30-2009 03:30 PM)CardinalBlackTrojan Wrote:  Oh well. Independence Bowl wouldn't have had that problem if they would've been smart and taken Louisiana over NIU. Dumbest bowl decision I've ever seen.

that's what i'm saying.