Phoenix LXXII: Send in the Clowns
View Single Post
03-06-2013, 09:47 PM
Join Date: Nov 2009
Location: Bay Area, CA
Originally Posted by
I'd love to see that eventually, not because it suggests I was right (
) but because I'm interested in that stuff!
I still need to get source data. I guess this is off topic and outdated but it's new to me and pretty interesting.
In 2002, the CA requested that GFSE produce financial reports for management and operation of the Arena. The CA is a pubic entity, and it was requested that the reports be produced under FOIA.
GFSE refused. They claimed the data was confidential under trade secret exemption. GFSE instead attempted to satisfy the request by producing a short report but it failed to include most arena expenses information and didn't have a Surplus(Deficit) row. GFSE continued to assert that if the full financials were released, it would put them at a competitive disadvantage.
The News & Observer newspaper ended up suing and the parties (incl CA) agreed to settle. By that time the records had been withheld for three years. The settlement also operated prospectively and provided for an annual financial report including breakdown of expenses and revenues. The financial reports current exist for 2002-2011
Articles indicate that GFSE showed loss between $2.2MM-$4.75MM annually. The fixed costs were reported as $1.8MM in administration and accounting plus $2.9MM on utilities and facility costs. GFSE generally offset their event services and expenses with their event revenues. GFSE gets some parking and a skim of concessions and merch.
View Public Profile
Find More Posts by CasualFan