The UCF Board of Trustees voted unanimously to transfer $2.6 million as an unrestricted gift to the Golden Knights Corp at Thursday's Board of Trustees meeting.
No debt will be created by the transfer, and the transfer will fully fund the East Side Club, a beach-themed lounge and social area within Bright House Networks Stadium.
The money is available because the UCFCC refinanced its housing debt in 2014, in addition to anticipated savings from refinancing its arena debt this year and existing surplus dollars.
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Bright House Networks Stadium's East Side Club is expected to be open for the 2015 football season opener against FIU and will serve frozen drinks, beer and soft drinks.
The area will also be open hours before and after games, allowing fans to pre-game and celebrate victory without ever leaving the stadium. Members will also be permitted to rent the space for private events.
Ryan Gillespie is the Editor-in-Chief at the Central Florida Future. Follow him on Twitter at @rgillespiecff or email him at RyanG@CentralFloridaFuture.com.