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Leasing and infrastructure assets

Stadium and arena financial model, built free.

A three-statement Excel model for a stadium and arena owner-operator, built from your own figures and checked to balance.

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  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Owns or operates a stadium, arena or convention venue, earning hire fees and ticketing charges from anchor clubs and events, catering, premium seating and suites, naming rights and parking, and funding lifecycle works.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Stadium and arena sample model.xlsx
The Summary sheet of the sample stadium and arena model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a stadium and arena.

  1. How it earns revenue3 formulas
    Food, beverage and secondary spend revenue · All venues
    Total coversDaytime coversEvening covers
    Food, beverage and secondary spend revenue · All venues
    Food, beverage and secondary spend revenueDaytime salesEvening sales
    Admissions and attendance · All venues
    Admissions and ticket revenueAttendanceAverage ticket price
  2. What drives its costs3 formulas
    Lifecycle, major maintenance and handback · Across the business
    Major maintenance expense (works plus provision movement)Major maintenance works paidProvision requiredProvision at period start
    Lifecycle, major maintenance and handback · Across the business
    Provision at period endProvision at period startMajor maintenance expense (works plus provision movement)Major maintenance works paid
    Lifecycle, major maintenance and handback · Across the business
    Amortisation of capitalised lifecycle worksAmortisation of works capitalised before the start dateComponent 1 amortisationComponent 2 amortisationComponent 3 amortisationComponent 4 amortisationComponent 5 amortisation
  3. What it invests in3 formulas
    Infrastructure assets and capex programme · Across the business
    Infrastructure capexSustaining capexGrowth capex
    Infrastructure assets and capex programme · Across the business
    Infrastructure depreciationDepreciation of existing assetsDepreciation of sustaining additionsProject 1 depreciation (from commissioning)from from commissioningProject 2 depreciation (from commissioning)from from commissioningProject 3 depreciation (from commissioning)from from commissioning
    Infrastructure assets and capex programme · Across the business
    Closing net book valueOpening net book valueInfrastructure capexInfrastructure depreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

20 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • DebtAmortising term loan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Infrastructure assets and capex programmeSustaining capex plus growth projectsOwned or long-lease infrastructure — runways, terminals, berths, track, rolling stock, stadiums — with its capex programme, depreciation by asset class and optional revaluation.
  • LeasesLease register
  • Lifecycle, major maintenance and handbackComponent replacement schedulePeriodic renewal of concession and PPP assets (resurfacing, mechanical and electrical replacement), reserves and provisions for it, and works needed to hand the asset back.
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Discount rate (WACC)CAPM at target gearing
  • Terminal valuePerpetuity growth on normalised cash flow
  • Venue registerOpening date, closing date and capacity
  • Food, beverage and secondary spend revenueCovers × average spend per head
  • Venue revenue and site EBITDA
  • Admissions and attendanceAttendance × average ticket price
  • Memberships and passesJoins, churn and yield
Key numbers

The numbers it tracks.

  1. 01event days
  2. 02attendance
  3. 03revenue per attendee
  4. 04contracted income share
  5. 05EBITDA
  6. 06lifecycle spend
Used for

What it is used for.

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The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.