At New Mexico, basketball tickets practically flew off the shelves. But for Fernando Lovo, who spent a brief stint there before moving to Colorado, the challenge is different. The CU Events Center, home to the Buffaloes, doesn't quite sell itself like The Pit.
As Lovo steps into his role as CU's athletic director, he faces a pivotal moment for the Buffaloes’ men’s basketball team. Head coach Tad Boyle, now in his 16th season, is navigating a landscape that has evolved significantly since he arrived in 2010.
The Buffs have struggled to find their footing in the Big 12, managing only an 8-26 record in conference play since rejoining last year, despite a recent win against Oklahoma State. Attendance is also on the decline, nearing a low for the Boyle era.
The Buffs have a promising young core that could shake things up in the Big 12 next year. However, keeping this talent is a modern-day challenge, especially with standout freshmen like Isaiah Johnson drawing attention. This comes at a time when the athletic department is grappling with a $27 million budget deficit.
The Events Center, with its outdated amenities, isn't getting a facelift anytime soon. Lovo is thinking big, aiming to maximize basketball revenue by enhancing premium offerings.
“One area we’re lacking is premium space,” Lovo noted. “Aside from Chip’s Corral and a few other features, we don't have many premium offerings for our fans.
With so many games, this is crucial. Our infrastructure limits us, and it’s something we need to invest in.”
Lovo draws from his experience at Texas and New Mexico, where premium spaces like club seats and suites were a focus. “We’ve seen what works, and we need to replicate some of that here. It’ll take time, but we must leverage sponsorships, ticket sales, and premium offerings to boost our basketball revenue.”
Student attendance has been underwhelming, with large empty patches in the student section during the Oklahoma State game. The Events Center has also been without naming rights since 2018, missing out on revenue opportunities that other schools capitalize on, like Iowa State’s restroom ads.
“Advertisements and sponsorships are crucial for our revenue streams,” Lovo explained. “We need to improve and engage not just locally but statewide.
If you own a business and love athletics, we can align with your passions. We’re actively working to enhance these partnerships.”
Naming rights are a priority. Lovo has been in talks with partners to push premium assets.
“Whether it’s court logos or naming facilities, we’re not settling for bad deals. We need to show our partners the value in what we offer.”