A consultant’s report about how the University of Connecticut could save money and boost revenue recommends that the school consider raising ticket prices for its sporting events.
The recommendation is one of several made by McKinsey & Co. that could help UConn earn millions of dollars in added revenue over five years. When implemented with certain cost-cutting measures, the overall financial impact could be significantly higher.
The outside consulting firm was commissioned last year to study the school’s economic landscape, and it released the report Thursday, November 10.
Both the football and basketball teams were the programs targeted by possible ticket hikes, though specific increases were not disclosed.
The men’s and women’s basketball teams have won national championships in recent years and are among the school’s most popular athletic programs. The football team is considered an up-and-coming program, and the team made its first major bowl appearance in the January 2011 Fiesta Bowl.
In addition to recommending price hikes for certain games, McKinsey & Co. also suggested using business school students to analyze ticket sales each year and provide price adjustment advice.
UConn spends about $58 million annually on its athletic programs, of which $6 million comes directly from the school, according to the report. The university could greatly reduce — or eliminate — that stipend by increasing ticket prices.
Other recommendations included charging students more money for premium dorm rooms, offering more online courses, aggressively ramping up the school’s fundraising efforts, and reviewing whether faculty positions or underutilized courses could be eliminated.
“The campus has a lot of hard discussions ahead on how to implement [the recommendations],” school president Susan Herbst told the Associated Press.