The University of Minnesota's chief financial officer said Friday that the school has a "big hill to climb" with fundraising if it's going to begin construction of its proposed $150 million athletics facilities project by October.
The Gophers took more steps up that hill Friday, when they announced a $6 million gift toward the project from retired telecommunications executive Robert Eddy. The gift brings the total raised to $65 million, said Chris Werle, senior associate athletic director.
University CFO Richard Pfutzenreuter said that, as with any project, the school must raise 80 percent of the money — in this case $120 million — before construction can begin. The other 20 percent can be financed and paid off through continued fundraising, he explained.
A university document released Friday states a complete financing plan must be ready for approval at the June 11-12 Board of Regents meeting in order to begin construction in October.
That gives athletic director Norwood Teague four months to raise another $55 million to make that timetable happen, a fundraising pace that would need to be nearly twice as fast as what it has been.
"It's a big hill to climb," Pfutzenreuter said. "Norwood wants to equivocate on putting the pressure on donors to contribute, but that date will have to slide if there's no overall financing plan to move the project forward.
"The Board of Regents won't approve it, and it doesn't get past the president [Eric Kaler] or I without 100 percent of it figured out."
Gophers football coach Jerry Kill repeatedly has said he wants ground broken on a new football facility by summer's end. Big Ten Network analyst Gerry DiNardo and CBS Sports Network's Tom Lemming are among those who have said the 30-year-old practice facilities are among the worst in the Big Ten and hinder Kill in recruiting.