The University of Utah’s men’s basketball team is off to a winning start, but the building it plays in is headed the other way.
At Tuesday’s board of trustees meeting, university officials laid out just how deep the Jon M. Huntsman Center’s financial problems have become.
The 57-year-old arena posted a $765,859 loss in the last fiscal year, and that deficit has already been covered. This year, though, the shortfall is projected to climb past $1 million.
The university is making up the difference by shifting money from other operations.
Trustee Karen Marriott pressed for answers on what the school is doing to address the issue, and Gary McArthur, the university’s chief financial officer, said there isn’t a quick fix. He pointed to the recently finalized private equity partnership with Otro Capital, which is intended to help generate more revenue for Utah Athletics.
That deal created Crimson Brand Partners, the spinoff company that is expected to handle commercial sports business on campus. Its responsibilities include ticketing, concessions, licensing and branding, along with stadium and arena operations.
The Huntsman Center is part of that larger plan. University officials are looking at a renovation of the arena, which currently serves Utah basketball, gymnastics and volleyball. Earlier discussions included the possibility of tearing the building down and moving it, but those plans shifted earlier this year.
The current concept is to reduce seating capacity and add more premium suites, which would bring in higher-priced ticket sales, according to an initial study. The plan also calls for more food options, something fans currently have in short supply.
Even with roughly 15,000 seats, the arena draws about 7,000 fans per men’s basketball game. It also serves as a venue for nonathletic events, including the university’s graduation ceremonies and high school graduations across the Salt Lake Valley.
McArthur said the renovation plans will not be ready for approval this year by the Utah Board of Higher Education.
Under the agreement with Crimson Brand Partners, the university will keep ownership and management of the Huntsman Center as a facility, and its finances will still be reported through the auxiliary budget. In a statement after the meeting, the school said that a building deficit “is not uncommon for older arenas that have ongoing maintenance needs.”
The statement added: “Despite the upcoming renovations, we are committed to providing the best environment for all events in the historic Huntsman Center.”
The arena’s troubles fit into a broader financial picture for Utah Athletics. Earlier this year, McArthur outlined fiscal 2027 projections showing the department operating in the red, citing conference changes and the House v. NCAA settlement, which created an eligible $20.5 million salary pool for student-athletes at any school.
McArthur said the projected athletics gap is $11 million, with $118 million in revenue and $129 million in spending.
Football remains the department’s biggest money-maker, but Rice-Eccles Stadium is also expected to lose money this year. It finished last fiscal year with $105,913 in income, but McArthur now projects a $97,310 deficit.
The university is counting on the private equity partnership to bring in as much as $500 million for its athletics operations.
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