The University of North Dakota and Ralph Engelstad Arena Announce Usage Agreement through June 2020
GRAND FORKS, N.D. (June 20, 2018) – The University of North Dakota (UND) and Ralph Engelstad Arena announced today that they have agreed to terms on a new three-year usage agreement, which runs retroactively from July 1, 2017 through June 30, 2020.
“My staff and I will continue working with UND to maximize the benefit of Mr. and Mrs. Engelstad’s gift for the benefit of UND’s student-athletes, coaches, and fans,” said Jody Hodgson, General Manager at Ralph Engelstad Arena. “The terms and conditions in the Usage Agreement provide the platform for a mutually beneficial relationship and we’re focused on making the most of the opportunity for all involved.”
“We’re committed to a positive and productive relationship with UND,” added Kris Engelstad of the Engelstad Foundation. “The staff at Ralph Engelstad Arena will continue their good work in maximizing the opportunity provided by my parents for UND, its students, student-athletes, coaches, the community of Grand Forks and citizens of the broader region.”
This usage agreement serves as the operating agreement that outlines the relationship between UND and Ralph Engelstad Arena, relative to UND’s use of the Ralph Engelstad Arena Sports Complex for UND Athletics events and activities. The new usage agreement includes some minor administrative and operational changes, but the material terms and conditions are similar to those in the prior agreement, which expired on June 30, 2017.
“It is an honor to be a member of the Ralph Engelstad Arena Board of Directors and to engage in an enterprise which benefits UND Athletics programs, its student-athletes, our community and our state,” said Jed Shivers, UND VP Finance and Operations / COO. “I plan to be fully engaged in a being a thoughtful and responsible member of the Board. Even as a newcomer, I am grateful for the support that the Engelstad family and the Engelstad Foundation have shown in the past and look forward to collaborating productively. The new Usage Agreement is a good example of that.”
The new usage agreement will see UND pay Ralph Engelstad Arena an annual amount to use the Sports Complex based on splits of ticket revenue and sponsorship revenue. The revenue retained by Ralph Engelstad Arena from ticket sales and sponsorship sales is the money that Ralph Engelstad Arena receives from UND in exchange for the access, services, and labor that Ralph Engelstad Arena provides to UND each year.
At the end of each year, Ralph Engelstad Arena funds a capital reserve fund for extraordinary repairs, maintenance, and building enhancements as well as an operating reserve fund to cover unanticipated operating expenses, and then allocates the balance of its annual net income to UND Athletics.
About Ralph Engelstad Arena
Ralph Engelstad Arena is home to the University of North Dakota’s hockey, men’s and women’s basketball, volleyball, and soccer programs. The arena is named after Mr. Ralph Engelstad, an alumnus of the school that privately funded the construction of the facility. Since its opening in 2001, over 7 million fans have come through the doors to sporting events, family shows, and concerts at Ralph Engelstad Arena. For additional information, visit www.theralph.com.
About Engelstad Foundation
The Engelstad Foundation was created in 2002 by Ralph & Betty Engelstad for the purpose of partnering to create solutions in medical research, improving day to day living for people with disabilities and raising the possibilities for high risk individuals. Since its inception, the Foundation has provided more than $300 million in grants to organizations focused on animal compassion, at-risk individuals, education, historical preservation, medical research and support, people with disabilities and veterans. For additional information, visit www.engelstadfoundation.com.
About University of North Dakota
The oldest and largest institution of higher learning in the state, the University of North Dakota is the chief opportunity engine for North Dakota and our students. UND’s mission is to provide transformative learning, discovery and community engagement opportunities for developing tomorrow’s leaders. Rated one of the top 25 most innovative universities in the nation, UND continues toward its vision of becoming the premier flagship university in the northern plains.
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