Arizona Lost $900,000 on Jay-Z Concert

A Jay-Z concert hosted by the University of Arizona student government lost the organization more than $900,000, the Daily Wildcat reports. The concert cost $1.4 million (with $750,000 going to Jay-Z), but the student government collected just $500,000 through ticket sales and merchandising. The organization had hoped to sell 30,000 tickets but instead sold 6,100. (About 5,000 more were given away in newspaper, radio, and student government promotions.) Student leaders partly blamed the sour economy for the slow sales.

In order to offset the loss, ASUA must empty out the entire $350,000 from its emergency reserve fund. This still leaves the student government with $567,000 to cover, which it will accomplish via an agreement with the U of A Bookstore. ASUA will pay the bookstore back in increments over the next five years.

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