What does $50 million buy you these days? A third of a stadium renovation, it turns out.
Oregon State on Thursday announced an anonymous $50 million donation that will fund a large portion of the university's effort to renovate the west side of Reser Stadium.
"By completing Reser now we ensure the long-term financial sustainability for the OSU Athletics Department and all student-athletes," AD Scott Barnes said. "Increased revenue will provide financial stability throughout OSU Athletics where 70% of the revenues required to operate 17 women and men’s varsity sports are generated from football and Reser Stadium activities."
By "completing" Reser Stadium, here's what Oregon State means: the west side will match the east, as opposed to now, where the east grandstands look something befitting a Power 5 football stadium and the west looks straight out of the 1970s. This view makes Reser Stadium look like a see-saw with a 1st grader sitting on one end and The Rock on the other.
The $50 million donation will go a long way toward covering the entire expense, but it's just a start. The entire project is expected to cost $153 million.
"This national best-in-class stadium will serve all of our university’s students, faculty and staff; will provide for an enviable fan experience on game days; and will continue OSU’s significant investments in Beaver football and in athletics programs for all OSU student-athletes," said OSU president F. King Alexander.
In addition to providing new grandstands and all the revenue opportunities therein, the westside stadium project will also include a student welcome center that will "serve as the first on-campus point of connection to welcome prospective new students and their families to OSU" and a 35,000-square foot student medical facility.
Construction is scheduled to begin after the 2021 season and be complete in time for the 2023 campaign.