State Board approves Albertsons Stadium deal for Boise State

Posted by Chadd Cripe on June 19, 2014 

A rendering of Albertsons Stadium, the new name for Boise State's football stadium. The school will add Albertsons signage before the 2014 football season.

COURTESY BOISE STATE

The State Board of Education on Thursday unanimously approved the Albertsons Stadium naming-rights deal.

The board members did not ask any questions about the deal. They were told Boise State would receive “the majority” of the money but no specifics, like those reported by the Idaho Statesman this week.

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Here is today’s story on the Albertsons Stadium contract, which details how much money from the $12.5 million contract flows to Boise State.

As part of my reporting, I needed to figure out how Boise State and Learfield arrived at those numbers. The two sides did not exactly follow the contract that has been provided to the Idaho Statesman. So since I had to do the math, I figured I’d share it.

Below is the per-year breakdown of the money.

The basic principle is that from the Albertsons payment, Boise State gets a guarantee, Learfield gets a guarantee and Learfield gets repayment of its $775,000 in naming-rights fees paid over the last three years (split over 11 years, at $70,454 per year). The rest of the money is split 75/25.

Where these numbers differ from the contract is that the repayment was supposed to be over three years — or six years if Boise State exercises its three one-year options in the contract — but instead was spread over 11 years. And the contract only covers guarantees through 2020 even if Boise State exercises its options. But the payments are based on the 2020 contract terms through 2025. It isn’t until 2026 that the sides split the money 75/25, which is the split that is supposed to happen when Learfield’s contract ends.

It’s unclear where the altered terms originated. I only figured out how they got these numbers through trial and error.

(UPDATE: Boise State says Learfield calculated the figures based on a possible future contract extension. So these numbers could change if and when that extension happens, or if it doesn't. "It seems they are illustrating good faith in performing beyond the original contract," Boise State said in a statement. "They are certainly entitled to do that. We have not extended the contract at this time, and will make the decision on what to propose to our trustees on the State Board some time in the future.")

Here are the numbers:

Fiscal 2015
Albertsons payment: $675,000
Boise State guarantee: $275,000
Learfield guarantee: $75,000
Learfield repayment: $70,454
Remainder for 75/25 split: $254,546
Boise State total share: $465,909

Fiscal 2016
Albertsons payment: $675,000
Boise State guarantee: $300,000
Learfield guarantee: $75,000
Learfield repayment: $70,454
Remainder for 75/25 split: $229,546
Boise State total share: $472,159

Fiscal 2017
Albertsons payment: $725,000
Boise State guarantee: $300,000
Learfield guarantee: $75,000
Learfield repayment: $70,454
Remainder for 75/25 split: $279,546
Boise State total share: $509,659

Fiscal 2018
Albertsons payment: $725,000
Boise State guarantee: $325,000
Learfield guarantee: $75,000
Learfield repayment: $70,454
Remainder for 75/25 split: $254,546
Boise State total share: $515,909

Fiscal 2019
Albertsons payment: $775,000
Boise State guarantee: $325,000
Learfield guarantee: $75,000
Learfield repayment: $70,454
Remainder for 75/25 split: $304,546
Boise State total share: $553,409

Fiscal 2020
Albertsons payment: $775,000
Boise State guarantee: $350,000
Learfield guarantee: $75,000
Learfield repayment: $70,454
Remainder for 75/25 split: $279,546
Boise State total share: $559,659

Fiscal 2021
Albertsons payment: $825,000
Boise State guarantee: $350,000
Learfield guarantee: $75,000
Learfield repayment: $70,454
Remainder for 75/25 split: $329,546
Boise State total share: $597,159

Fiscal 2022
Albertsons payment: $825,000
Boise State guarantee: $350,000
Learfield guarantee: $75,000
Learfield repayment: $70,454
Remainder for 75/25 split: $329,546
Boise State total share: $597,159

Fiscal 2023
Albertsons payment: $875,000
Boise State guarantee: $350,000
Learfield guarantee: $75,000
Learfield repayment: $70,454
Remainder for 75/25 split: $379,546
Boise State total share: $634,659

Fiscal 2024
Albertsons payment: $875,000
Boise State guarantee: $350,000
Learfield guarantee: $75,000
Learfield repayment: $70,454
Remainder for 75/25 split: $379,546
Boise State total share: $634,659

Fiscal 2025
Albertsons payment: $925,000
Boise State guarantee: $350,000
Learfield guarantee: $75,000
Learfield repayment: $70,454
Remainder for 75/25 split: $429,546
Boise State total share: $672,159

Fiscal 2026
Albertsons payment: $925,000
Boise State guarantee: None
Learfield guarantee: None
Learfield repayment: None
Remainder for 75/25 split: $925,000
Boise State total share: $693,750

Fiscal 2027
Albertsons payment: $950,000
Boise State guarantee: None
Learfield guarantee: None
Learfield repayment: None
Remainder for 75/25 split: $950,000
Boise State total share: $712,500

Fiscal 2028
Albertsons payment: $975,000
Boise State guarantee: None
Learfield guarantee: None
Learfield repayment: None
Remainder for 75/25 split: $975,000
Boise State total share: $731,250

Fiscal 2029
Albertsons payment: $975,000
Boise State guarantee: None
Learfield guarantee: None
Learfield repayment: None
Remainder for 75/25 split: $975,000
Boise State total share: $731,250

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The State Board of Education approved Thursday the new contract for Boise State men’s basketball coach Leon Rice. Details of the deal were reported here.

•••

Eastern Michigan will install gray turf in its football stadium.

Email me at ccripe@idahostatesman.com.

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