Sports management assignment

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Pro Forma Budget & Business Plan Project: THIS WOULD BE NEEDED BY 10/21/20

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Based on the following information and the data included in the Excel worksheet:

1.Using Excel, Prepare Pro Forma Financial Budget for the Next Fiscal Year, and

2. Construct the Business Plan in the “Lean Format” utilizing the template provided.
You were just hired as the new Chief Financial Officer (CFO) for an Arena Football 2 team (af2), the Columbia Destroyers. The previous CFO, who has recently left the organization, was not good at his job, unfortunately. The financials are a mess. In addition, the president of the club is asking you to create pro forma financials for the next fiscal year. The information is not altogether good, but you know how to create financial statements for the club. The facts you do know regarding the financial operation of the club are as follows:

1.You have a copy of last year’s financials (balance sheet and income statement)
2.The club was purchased last year for $1 million and uses the accrual basis of accounting.
3.The club was capitalized as follows:
Borrowed $1,000,000 at 7% interest for seven years (PMT = $185,553; I1 = $70,000; I2 = $61,911)
4.It is forecasted that costs and expenditures will change as follows:
Additional equipment—$50,000
Cash Expenses
Player compensation—increase 3.5%
Football operations—remain the same
Business operations—decrease 1.5%
Rent—increase by $10,000
1.The team is expected to generate cash receipts as follows:
Ticket sales—37,500 fans at $16.25 per ticket
Concessions—37,500 fans at $3.50 per fan
Parking—$48,000 per year
Merchandise—37,500 fans at $2.10 per fan
All short-term fixed assets depreciated over a 5-year life using the straight line method
1.Other information:
The football team pays the City 10% for each ticket sold. This is an expense.
Accounts receivable for ticket sales will increase by $5,000 next year.
Accounts payable for business operations will increase by $180,000 next year.
Franchise value is amortized over a 15-year period.
Don’t forget the depreciation, amortization and interest expenses.
Tax Rate: 40%

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