Big donation to help renovate Alexander Memorial Coliseum

A donation that could reach $15 million has been given to Georgia Tech and will be used to renovate the seating at Alexander Memorial Coliseum, according to athletics director Dan Radakovich.

He made the announcement at the athletic association’s quarterly board meeting Thursday.

The name of the donor has been withheld until the board of regents meets in August to formally approve the terms of the gift, which will involve some form of naming rights.

Work on the renovations won’t begin for at least two years.

The donation is designed to pay for one-third of the project but won’t exceed $15 million. The project is estimated to cost at least $30 million.

“Our goal is to make sure the basketball experience is second to none,” Radakovich told the assembled board members.

Basketball season-ticket renewal forms will be sent to existing holders on July 6, earlier than usual.

That news was part of the meeting, during which the 2010 fiscal year budget was approved.

The 2010 budget will be $52.5 million, a decline of $2.7 million from the previous year that was attributed to the economy.

The 2009 budget is expected to show a net loss of $775,000, also attributed to the economy, as well as a shortfall from what was budgeted for ticket sales for football ($983,348) and men’s basketball ($539,945).

Both budgets were most impacted by a drop of $20 million in the value of the association’s endowment, which resulted in a decline of $1.3 million in interest in the 2009 fiscal year, and is projected to result in a $1.9 million shortfall in 2010.

The 2009 budget did receive a boost of a one-time $1.1 million payment from the ACC to each of its schools.