Tennessee athletic department in debt
Posted: Wed Aug 29, 2012 7:17 am
http://www.orlandosentinel.com/sports/b ... 84886.post
I guess an indoor practice facility with MMA fighting cage costs money. Also, former F$U Dave Hart is at the helm - is this any surprise?A broke SEC football program? I think I just saw a unicorn.
The University of Tennessee is reporting a $3.98 million deficit for the year. According to the school's website, "the department, which receives no public dollars from the state of Tennessee, took in $106,485,376 in revenues against an expense total of $110,466,652 during the last fiscal year." (tip Big Lead)
UT was forced to dip into its reserve fund to cover expenses. But the school amassed $200 million in debt for construction costs to build multiple athletic facilities and is spending on average $21 million a year.
"It is critical that our athletics program be financially healthy and that its budget is sustainable," said Chancellor Jimmy G. Cheek. "We are committed to having premier athletics programs at the University of Tennessee, and to do that, we must develop a financial model that pays for these programs while also building up the necessary reserve funds.
"I support Dave Hart's efforts and commend him for the work that has already been done to get us on more sound footing. This work benefits the entire campus of the University of Tennessee."
Wow.