Statement Regarding U.S. Cellular Coliseum

July 5, 2007 - United Indoor Football Association (UIF)
Bloomington Extreme News Release


Statement from Central Illinois Arena Management co-owner Mike Nelson regarding its May financial report to the City of Bloomington regarding the U.S. Cellular Coliseum:

"Some months generate more revenue than others. No one should draw any conclusions or make any judgments based upon one month's numbers. In this industry, May is typically a slow month across the board.

"The "loss" is very misleading if you do not distinguish between cash and accrual accounting. Our contract calls for us to determine revenue and expenses on a cash basis, much like a person keeps a household check book, and specifically excludes interest and debt service as an operating expense.

"The City does not use cash basis accounting, but accrual basis and accordingly charges interest every month though it is paid only twice a year. Also, the City charges as an expense, a savings account payment of $40,785 per month for equipment replacement. Our management contract is silent as to this charge.

"Accordingly, we know there is misleading information in the public when one considers these charges on an operating basis. But we also believe it is misleading to focus upon a single month.

"We are glad the Mayor and Council have now agreed upon the membership of the liaison committee and are anxious to meet with them, so the Council has a better understanding of the day-to-day operations of the U.S. Cellular Coliseum."



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