Venue Detail
Indianapolis Colts
Revenues From Sports Venues Pro Facilities Report
February, 2011
Indianapolis Colts
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7001 W 56th St Indianapolis, IN 46254-9698 Phone: 317-297-2658 Fax: 317-297-8971 URL: www.colts.com
Owner
Jim Irsay
League
National Football League AFC South
Venue
Lucas Oil Stadium, 500 S. Capital Dr, Indianapolis, IN 46225 Owner: Indiana Stadium and Convention Center Authority Managed by: Indiana Convention Center Built: 2008 Capacity: 63,000 Permanent concession stands: 60 Concessionaire: Centerplate Suite caterer: Centerplate Soft drink: Coca Cola Beer: Anheuser-Busch InBev
Building sponsors
Clubs/Restaurants: Yes
Naming rights
Sold to: Lucas Oil Products Price: $121, 500,000 Term: 20 years Expires: 2027
Ticket prices
Season tickets range from $190 to $990 Single tickets range from $34.00 to $270.00
Attendance
2007 average attendance: 57,305 2008 average attendance: 66,378 2009 average attendance: 66,549
Luxury Suites
Quantity: 142 Term: 3 to 10 years Price: $40,000 to $235,000 Seats: 8 to 21
Club seats
Quantity: 7,100 Term: 3 to 5 years Price: $2,200 to $2,600
Financing
The total project will cost $900 million with funding coming from new hotel and car rental taxes in Marion County and a new restaurant tax in seven counties surrounding Indianapolis. A ticket tax on Colts tickets will climb from the current 5 percent to 6 percent. The law also allows an additional $3 ticket tax on Colts' events and $1 on other events, if needed. The Colts will invest $100 million.
The Indiana General Assembly approved funding for a new 63,000-seat stadium for the Indianapolis Colts and an expansion of the Indiana Convention Center. The move meant the end of the RCA Dome which was razed to make room for the expansion.
The cost was higher for Mayor Bart Peterson who surrendered control of the new stadium and the convention center to the state. He also had to give up his own financing plan which was replaced by one crafted by the legislature.
Peterson originally wanted 1,500 electronic pull-tab machines in Marion County. Taxes from the machines would generate $46 million a year.
The stadium deal was necessary for the city because its current lease requires the city to make payments to the team that keep it in the middle of the NFL revenue pack. The city paid the team $12 million in subsidies and that figure was expected to increase.
The stadium was designed by HKS Inc. of Dallas and is crafted for both football and basketball. The venue will be the home of future NCAA basketball tournaments and the agency has made a promise to remain in the city if a new venue is built.
The venue features eight suites in the south end zone just five feet from the end zone. These suites seat 21 and are priced at $90,000, but larger suites are available, seating up to 36 fans. The smallest suite seats eight fans. The Quarterback Suite has 160 seats, each sold separately. Prices are $3,750 to $4,000.
After the stadium deal was done, the Colts reached an agreement with the Capital Improvement Board for a 30-year lease. The deal requires the team to pay $250,000 in annual rent.
The lease obligates the Colts to play all home games in the new stadium, forbids negotiations to relocate and requires the team to keep its headquarters and training facility within the city. It also ends city payments required in the previous lease to make up the difference between the team's revenues and the NFL median, a growing expenditure that helped prompt the new stadium deal.
The Colts retain the rights to all football-related revenue in the new stadium, as well as half the annual non-football revenue up to $3.5 million. The Colts also will receive all revenues from a stadium name, signs and sponsorships in the new stadium.
The board will continue to be responsible for most game-day expenses such as security.
The agreement gives the team space to develop a restaurant and Hall of Fame at its own cost and risk. The board has the right to develop enterprises around the stadium's new boundaries.
Lucas Oil Products purchased naming rights to the stadium. The deal is valued at $121.5 million over 20 years. Revenue from the sale will go to the Colts.
The venue will be called Lucas Oil Stadium and its signs will be visible from a major interstate highway. Logos will be on cup holders, employee uniforms and video monitors.
The privately held company is heavily involved in drag racing and is the title sponsor of the National Hot Rod Association Lucas Oil Drag Racing Series, which holds national and regional Sportsman class races. The company also sponsors a Top Fuel dragster driven by Morgan Lucas, Forrest Lucas' son. The company is an associate sponsor for several other teams. (Facilities, Financial, Football, NFL, Professional Sports)