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Board approves 10-year stadium concession deal between University of Mississippi and Boston Culinary Group
Summary
The trustees approved a 10-year exclusive concessions agreement for University of Mississippi athletic facilities with Boston Culinary Group, a deal staff said will generate roughly $30 million in commission revenue and include a company investment in facility upgrades.
The Board of Trustees of the Mississippi Institutions of Higher Learning approved a University of Mississippi request to enter a 10-year exclusive athletics concessions agreement with Boston Culinary Group.
Board staff described the agreement during the finance regular agenda, saying, “The term of the agreement is for 10 years with an estimated commission revenue of $30,000,000 Boston Culinary Group will also invest 3,300,000.0 to upgrading concession facilities.” Staff said the university may terminate the agreement at the end of each annual term and that legal staff reviewed the contract for compliance with applicable law; board staff recommended approval.
Trustees moved and seconded the motion, and the item passed on a voice vote. A recusal was noted earlier in the finance discussion; the transcript identifies that a recusal occurred but does not specify the trustee for this specific item.
The board record in the meeting shows board staff compared the proposed commission and revenue percentages to other vendors and found Boston Culinary Group’s rate “competitive or higher.” No further details on the exact commission percentage or the full vote roll call were provided in the meeting transcript.
The contract includes a company capital investment to upgrade concession facilities; board staff estimated the company investment at approximately $3.3 million and estimated commission revenue to the university at about $30 million over the contract term. The university retains the annual right to terminate the agreement, according to the presentation. Trustees approved the contract on a voice vote.
