Sports Facilities Advisory and Sports Facilities Management have led a number of turnaround projects for sports complexes and other kinds of facilities through the journey from “troubled” to profitable. These projects require a focused plan of action that is based on realistic objectives. They also require strong facility leadership and a strong relationship between our advisors and facility ownership. Each of these factors are important because turnaround projects often require significant changes to sports complex programs, fees, or other areas.
Turnaround projects launch with an intake interview to understand the sports complex or facility history and constraints. We next review existing operations and financials before providing initial reactions to revenue and expense ratios which are benchmarked against other operations. This preliminary stage provides us with insight into the overall scale of the challenge and allows us to move into a full facility or sports complex audit.
Full facility audits include staff interviews, historic financials review, lease and rental agreement review, debt service and financing terms review, and a market study to identify short- and long-term opportunities to improve the revenue of the sports complex or recreation facility.
Next we apply our forecasting models to arrive at detailed cash flow projections and to estimate additional investments and other options. The result is a comprehensive sports complex turnaround plan, detailed financial forecast, and documented “go forward” plan.
SPORTS COMPLEX TURNAROUND PLANS
Sports Facilities Advisory and ports Facilities Management also provide oversight and are regularly engaged to manage the day-to-day implementation of our turnaround plans. This can include staff development for current employees and often also includes significant updates to pricing, programming, and financial reporting. New marketing and sales strategies are also employed to improve sales and to broaden the customer base of a sports complex.