IBJNews

Team owners leading symphony's $100M capital campaign

Back to TopCommentsE-mailPrintBookmark and Share

The owners of two of the city’s professional sports teams are coming together to help the Indianapolis Symphony Orchestra raise $100 million in an effort to avoid a growing budget shortfall.

Jim Irsay of the Indianapolis Colts and Herb Simon of the Indiana Pacers will co-chair the ISO’s capital campaign committee, the symphony announced early Monday morning.

The campaign is necessary to sustain ISO’s year-round activities and to ensure the long-term financial stability of the organization, ISO President Simon Crookall said in a prepared statement.

“We are delighted to have the leaders of our community’s preeminent sports teams involved with our campaign,” he said. “All three organizations strive for top-quality performance in every aspect of our businesses and we look forward to working with Herb Simon and Jim Irsay and the members of their teams as we embark on our first major capital campaign in many years.”

The Indiana Symphony Society reported at November’s annual board of directors meeting a record $2.8 million shortfall for the 2009 fiscal year.

The society, the parent organization of the ISO, ended fiscal 2009 on Aug. 31, with $28.3 million in expenses and $25.5 million in revenue.

Crookall said then that he expects a smaller but still significant gap of $1.3 million in the 2010 budget year.

The ISO ended the 2008 fiscal year in the red as well, but the $293,000 deficit on revenue of $28.2 million, was minor compared with the past year.

All revenue sources shrank in the 2009 fiscal year, the society said. Ticket sales were down, particularly in late 2008. Annual giving and major gifts declined. A third, major source of cash, the ISO Foundation, suffered millions in investment losses.

The foundation’s worth shrank from a high of $128 million in 2007 to about $90 million in 2010. Increasing the endowment by $100 million will help secure the ISO’s future as a full-time symphony that presents quality concerts and community programs, Crookall said.

While this may be the most ambitious partnership the ISO has formed with the two teams, it’s not the first time they’ve paired up.

Former players for both teams have graced the ISO stage. They include former Pacers star Reggie Miller, who narrated Peter and the Wolf, and Colts tight end Ben Utecht, who co-hosted the annual Yuletide Celebration with singer Sandi Patty.

Further, the ISO was the first musical group to perform at the Colts’ grand-opening celebration for Lucas Oil Stadium. And on Aug. 7, Pacers Sports & Entertainment and the ISO will present the Video Games Live concert at Conseco Fieldhouse.

Serving with Irsay and Simon on the capital campaign committee: John Cannon, executive vice president and general counsel at WellPoint Inc.; Scott Jones, entrepreneur and founder of ChaCha Search Inc.; Sarah Lechleiter, ISO board member; Marni McKinney, chairwoman of M&I Bank’s Indiana region; Bart Peterson, senior vice president of corporate affairs and communications at Eli Lilly and Co.; Marianne Williams Tobias, ISO program book annotator and board member; and John Thornburgh, partner at Ice Miller LLP and ISO board chairman.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. These liberals are out of control. They want to drive our economy into the ground and double and triple our electric bills. Sierra Club, stay out of Indy!

  2. These activist liberal judges have gotten out of control. Thankfully we have a sensible supreme court that overturns their absurd rulings!

  3. Maybe they shouldn't be throwing money at the IRL or whatever they call it now. Probably should save that money for actual operations.

  4. For you central Indiana folks that don't know what a good pizza is, Aurelio's will take care of that. There are some good pizza places in central Indiana but nothing like this!!!

  5. I am troubled with this whole string of comments as I am not sure anyone pointed out that many of the "high paying" positions have been eliminated identified by asterisks as of fiscal year 2012. That indicates to me that the hospitals are making responsible yet difficult decisions and eliminating heavy paying positions. To make this more problematic, we have created a society of "entitlement" where individuals believe they should receive free services at no cost to them. I have yet to get a house repair done at no cost nor have I taken my car that is out of warranty for repair for free repair expecting the government to pay for it even though it is the second largest investment one makes in their life besides purchasing a home. Yet, we continue to hear verbal and aggressive abuse from the consumer who expects free services and have to reward them as a result of HCAHPS surveys which we have no influence over as it is 3rd party required by CMS. Peel the onion and get to the root of the problem...you will find that society has created the problem and our current political landscape and not the people who were fortunate to lead healthcare in the right direction before becoming distorted. As a side note, I had a friend sit in an ED in Canada for nearly two days prior to being evaluated and then finally...3 months later got a CT of the head. You pay for what you get...

ADVERTISEMENT