BleedGopher
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per Megan:
The Gophers athletic department has already lost $4 million in the fallout from the coronavirus pandemic with estimates of losses ultimately reaching as high as $75 million. Now it has to present its plan to navigate those potentially extreme losses to the Board of Regents.
The Board released docket materials for the Friday presentation showing how the athletic department went from forecasting a $1 million revenue surplus in February after successful fundraising efforts and a fruitful football season to losing $4 million by April from canceled facilities rentals and a sharp drop in NCAA distributions, down to $225 million across Division I schools from a projected $600 million.
While the department is saving some money during this time of canceled sports from travel, recruiting and event hosting, the department still will need to work toward a balanced $123 million budget this year. Hiring and spending freezes, reduction in summer school expenses as well as voluntary salary reductions for head coaches and senior staff are all occurring.
The athletic department has not released pay cut specifics, but football coach P.J. Fleck, men's basketball coach Richard Pitino and women's basketball coach Lindsay Whalen all took one-week pay cuts. Per contracts, Fleck was set to earn $4.6 million this year, making his weekly salary about $88,462. Pitino makes $2.4 million annually, putting him about $46,154 per week. And Whalen is making $496,500, putting her at $9,548 per week.
Athletic director Mark Coyle, who will present these strategies to the Board, and others in the athletic department also have taken pay cuts.
www.startribune.com
Go Gophers!!
The Gophers athletic department has already lost $4 million in the fallout from the coronavirus pandemic with estimates of losses ultimately reaching as high as $75 million. Now it has to present its plan to navigate those potentially extreme losses to the Board of Regents.
The Board released docket materials for the Friday presentation showing how the athletic department went from forecasting a $1 million revenue surplus in February after successful fundraising efforts and a fruitful football season to losing $4 million by April from canceled facilities rentals and a sharp drop in NCAA distributions, down to $225 million across Division I schools from a projected $600 million.
While the department is saving some money during this time of canceled sports from travel, recruiting and event hosting, the department still will need to work toward a balanced $123 million budget this year. Hiring and spending freezes, reduction in summer school expenses as well as voluntary salary reductions for head coaches and senior staff are all occurring.
The athletic department has not released pay cut specifics, but football coach P.J. Fleck, men's basketball coach Richard Pitino and women's basketball coach Lindsay Whalen all took one-week pay cuts. Per contracts, Fleck was set to earn $4.6 million this year, making his weekly salary about $88,462. Pitino makes $2.4 million annually, putting him about $46,154 per week. And Whalen is making $496,500, putting her at $9,548 per week.
Athletic director Mark Coyle, who will present these strategies to the Board, and others in the athletic department also have taken pay cuts.
Gophers athletic department to present budget-cutting ideas to regents
The pandemic is putting U athletic department in a financial pinch.
www.startribune.com
Go Gophers!!