In a major boost for downtown Hartford, the University of Connecticut would keep playing basketball and hockey at the newly-renovated PeoplesBank Arena through the spring of 2031, under an agreement that is close to being signed.
A summary of the licensing agreement — recently reviewed by the board of the Capital Region Development Authority — calls for UConn to play at least eight men’s basketball games, seven women’s basketball games and four men’s hockey games a season at the 16,000-seat venue.
The agreement — between UConn and arena manager Oak View Group — includes a provision for a potential four-year extension and for UConn to get a portion of ticket revenue from the ticket sales for new premium seating created in the $145 million arena makeover.
UConn sports contests are seen as a key component of the arena’s business going forward, alongside an expanded roster of concerts. These events are considered a critical ingredient for improving downtown vibrancy and providing a lift for restaurants, bars and other entertainment businesses in the immediate downtown area.
Guests enjoy a reception in the PeoplesBank Club following the official reopening of the PeoplesBank Arena in Hartford in October.(Aaron Flaum/Hartford Courant)
“The agreement does a couple of significant things for us and for Hartford,” David Steuber, CRDA’s executive director, said Wednesday. “It cements UConn’s presence downtown out for the remainder of the decade and ensure that they are going to play both basketball and hockey in our newly-renovated arena.”
Steuber said those games are expected to draw large crowds into downtown and “hopefully patronize other businesses in the area as well and that’s our core interest in this.”
The quasi-public CRDA oversees the arena. But Denver-based OVG manages it on a day-to-day basis, taking a larger role with its $20 million investment in the recently-completed, $145 million renovation. OVG and UConn negotiated the agreement.
OVG and UConn declined to comment Wednesday.
UConn’s Sarah Strong during a game against Southern Connecticut State University at PeoplesBank Arena in October. (Aaron Flaum/Hartford Courant)
Since opening its regional campus at Front Street in 2017, UConn has expanded downtown. The university has leased space above the arena and has embarked on the construction of a student residence hall on Pratt Street, expected to be ready for the fall semester.
The arena renovation, largely completed in October, focused on the lower half of arena, adding premium seating such as bunker suites, loge boxes and club amenities. The underpinnings of the state investment was selling premium seating at a higher price and attracting more concerts — major money-makers for modern arenas — with the aim of reversing a money-losing track record.
In the renovation — largely paid for with state funds — UConn also benefitted from a complete makeover of its locker room and lounge.
Most of the terms in the licensing agreement are similar to what existed previously. But the new agreement calls for UConn to receive a share of the ticket sales for the premium seating created as a result of the renovation.
Other provisions are:
UConn would pay a license fee of $40,500 for each basketball game played at the arena plus a facility fee of $3 for each paid ticket to the game. OVG shall pay UConn $4 for each basketball game attendee over 112,500 for the season.
UConn would pay a license fee of $20,500 for each hockey game played at the arena plus a facility fee of $2 for each paid ticket to the game. OVG shall pay UConn $4 for each hockey game attendee over 15,000 for the season.
OVG reserves the right to sell tickets for luxury suites and club spaces that existed before the renovation. UConn shall receive $5 for each club seat attendee for basketball games and $2.50 for each club seat attendee for hockey games.
The licensing agreement would run from Sept. 1, 2025 to April 15, 2031.
Kenneth R. Gosselin can be reached at kgosselin@courant.com.
