A fund raising campaign by Boise State’s athletic department appears to be a deceptive meaningless promotion at best and a cheap gimmick at worst.
In an effort to raise $20,000,000 for athletic programs Boise State has created a non-profit corporation comprised of thin air–we’ve dubbed it “Bronco BLUE SKY.” A ton of questions arise from yesterday’s announcement.
Checks by the GUARDIAN reveal the scam is just that–a scam. The Idaho Dept. of Finance put it in perspective when a spokesman told us there is NO registration of the stock and, “It is our understanding the certificates clearly state they are a certificate of donation and not ownership.”
We have had a bunch of queries about the BSU Bronco, Inc. stock offering. Even diehard fans are questioning the deal–some crying SCAM right out of the starting blocks.
–Why create a private non-profit corporation for the purpose of “enhancing athletic facilities” when BSU already has the Bronco Athletic Association (BAA) and the BSU Foundation has been around for years?
–Next question is WHO will own those facilities, especially when they are on State of Idaho land and even within state structures?
–They say there will be no dividends, but can a shareholder sell their stock?
Founders are the who’s who of BSU sports, including a member of the State Board of Education. The 12 are board members for now, but could apparently be replaced if “investors” gather enough shares to vote them off the board.
As we read one news report, the board will report to BSU President Bob Kustra and Athletic Director Gene Bleymaier–who will decide where to spend the money. They say it will go toward facilities rather than salaries.
We would like to have some legal minds take a look at the deal and tell us WHY there is a need for another corporation and see if there are any glaring loopholes that need to be plugged. The Attorney General’s office was not consulted about the offering and normally doesn’t represent universities in Idaho.
Bottom line: If it is nothing more than a fund raiser seeking $20,000,000 just be honest and say, “BSU IS LOOKING FOR CASH DONATIONS FROM FANS.”
FROM POET PAUL
Boise awaits the big game
The rivalry is always the same
Will the Vandals snatch defeat
From the team of Coach Pete
Or go back to Moscow in shame?
To insure more advertising-free Boise Guardian news, please consider financial support.