Capital Improvement Board to lose money from Super Bowl

The board which manages Lucas Oil Stadium expects to lose $810,000.

Indianapolis

With celebrities, businessmen, and football fans pouring into Indianapolis for the Super Bowl, the whole city is ready to make a super profit on the event, except Lucas Oil Stadium.

The Capital Improvement Board, or CIB, that manages Lucas Oil Stadium budgeted about $8 million to cover Super Bowl expenses. About $4 million of that will be spent on security. However, the CIB is only expecting to bring in around $7.2 million. That would mean a shortfall of $810,000.

The CIB has been working on the budget since last summer and has known to expect the loss. Executive Director Barney Levengood believes it’s worth the millions visitors will spend during Super Bowl week and considered it an investment for the City.

"I think it's been well documented that the Super Bowl is a tremendous advertising and promotional opportunity for a city," said Levengood.

According to Fox 59's news partners at the Indianapolis Business Journal, the CIB’s 2012 budget is $113.4 million and includes a $10.8 million reserve.

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