The Ohio men's basketball program lost $55,000 in the inaugural College Basketball Invitational, whose organizers now face questions about the integrity of the tournament's selection.
Ohio was one of eight schools that paid $60,000 to host a first-round game in the College Basketball Invitational (CBI), which was organized by the Gazelle Group. The Bobcats triumphed over Brown University, 80-74, but in front of a crowd of 1,169 G
I think we would have made money too O'Shea said.
The CBI's costs added to the Athletics Department's $700,000 budget deficit. In addition to the $60,000 home game guarantee, Ohio paid $1,000 to host the game. After about $6,100 in gate fees were collected at the game, Ohio was left to figure out how it'd pay the remaining $55,000 it owed the Gazelle Group.
The Ohio athletic department's budget for this fiscal year is about $13.5 million.
To recoup its losses, Ohio will play two extra money games next season. The Bobcats will face off against Louisville and Xavier to bring in a total of $140,000. This season, OU played two money games that brought in $135,000.
I've played money games for two reasons
said O'Shea, who added that The Convo would not adorn a CBI banner anytime soon. A chance to play against the main teams in the country
and I've also worked out an arrangement (with the athletic administration) to use some of that money for what you might call special projects.
O'Shea stated that some of those projects included the Rainbow Classic tournament that Ohio participated in this season and the CBI. On hosting a tournament game and the Gazelle Group's operation of the tournament
O'Shea said he was pleased with the company's professional manner.
I think it's a tournament that will become a staple in March, he said.
As the Gazelle Group and college basketball begin to evaluate the success of this new tournament
two distinct opinions have emerged. Schools that participated G
director of communications for the Gazelle Group
said the company was pleased with the CBI's initial run and intends to continue the tournament.
It seems like there's a market for it, Loney said
noting that the final two games of the championship series were sold out. When you try and do something new against the status quo, there tends to be a few people who throw their hands up.
Most of the concerns were from coaches who felt the selection process might not have been fair. Loney admitted he did not know how the Gazelle Group selected teams G
the president of the Gazelle Group
