High Point University president Nido Qubein updated a crowd of 900 at the university’s Hayworth Fine Arts Center on the proposed downtown baseball stadium/mixed-use development. Much of the project, according to Qubein, has taken shape, but questions remain.

Qubein answered the two big questions: whether an Atlantic League team had been secured and if enough money had been raised for private development around the stadium. Yes and yes:

…Qubein announced Wednesday that $50 million has been raised to purchase a baseball team and secure naming rights for the city’s proposed downtown stadium, as well as finance construction of an events center and other amenities.

An undisclosed amount of the total will come from BB&T Corp., which will put its name on the stadium, as well as donors putting up the money to buy a team from the Atlantic League of Professional Baseball.

Frank Boulton, CEO and founder of the eight-team independent league, said its board of directors in July approved relocating its franchise in Bridgeport, Connecticut to High Point to begin play in 2019, pending construction of the stadium.

That’s good news, but then Qubein said something strange, according to the High Point Enterprise:

The team, as well as the events center and other amenities would be owned by nonprofit boards, he added.

“Who profits from all this? Nobody, unless you think it’s wrong for someone building apartments to make a buck or two,” Qubein said. “But I’m not going to profit from it, and the people on these boards making millions in gifts to it are not going to profit from it.”

But isn’t the idea behind owning a sports team to make a profit? And believe you me anyone building apartments—or if you’re talking Greensboro developer Roy Carroll, who reportedly is interested in building a hotel near the ballpark–you’re looking to make more than a “buck or two.”

Of course, it all depends on the Guilford County Board of Commissioners signing off on the tax increment financing plan to finance the stadium. But without the county’s participation, Qubein warned, “$100 million of private money will be flushed down the commode.” If the money’s flowing as freely as Qubein says, one has to wonder why the county’s participation is so crucial.