Cal's New Stadium Renovation Leaves School with Huge Debt to Pay off
The news on Cal's stadium renovations, and the lack of sales to finance it, must be more than a little disturbing to school officials looking at a huge debt.
A major part of the financing for the $321 million renovations to Memorial Stadium was selling special endowment seats, the San Francisco Chronicle reported. They cost $40,000 to $250,000 and you get to keep them for 40 or 50 years. Great plan, right? Well, sure, until they (rather predictably, given the cost) couldn't sell them all.
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