Cuts in college sports & budgets (Update)

https://floridastate.forums.rivals.com/threads/stanford-is-eliminating-11-varsity-sports-after-2021.293690/#post-5143157

the vast majority of sports programs on campus are losing money each year. In this particular year, men's basketball was the only other sport that generated more money than it spent -- to the tune of about $3.4 million. Baseball turns a profit in some seasons, but it actually lost $1.5 million that year.

The deficit for women's basketball was about $1.86 million; for soccer, it was $900,000; it was roughly $500,000 for men's golf and $400,000 for softball. Men's and women's track combined to lose about $2.5 million, while men's and women's swimming came out $1.5 million in the red, and men's and women's tennis were about $1 million in the hole.

Stanford is eliminating 11 varsity sports at conclusion of 2020-21 academic year: men’s & women’s fencing, field hockey, lightweight rowing, men’s rowing, co-ed & women’s sailing, squash, synchronized swimming, men’s volleyball & wrestling

— Brett McMurphy (@Brett_McMurphy) July 8, 2020

Oklahoma’s athletic department announces budget cuts of approximately $13.7 million for 2020-21 fiscal year, including 10% salary reduction for all employees earning a salary of $1 million or more per year such as Lincoln Riley

— Brett McMurphy (@Brett_McMurphy) July 2, 2020

Michigan's athletic department is projecting a $26.1 million deficit for 2021, including a pay cut for Jim Harbaugh.

➡️ https://t.co/Oyyd3ggZig pic.twitter.com/D07vsXiOfF

— Yahoo Sports College Football (@YahooSportsCFB) June 30, 2020

Gary Barta will slash $15M from Iowa athletic spending in plan that assumes full football and basketball seasons https://t.co/T9GfLbBwmG via @hawkcentral

— Steve Berkowitz (@ByBerkowitz) June 30, 2020

https://www.courant.com/sports/college/hc-sp-uconn-athletics-budget-cuts-20200625-20200624-34hbdod3a5ck7fekotouzwqmta-story.html

Citing Coronavirus budget cuts, UConn is cutting women's rowing, men's tennis, men's cross-country & men's swimming & diving after this academic year.

https://www.ajc.com/sports/college/facing-revenue-shortfall-georgia-tech-implementing-furloughs/Pnh7EnP21G4Ahr9WOX7BRI/


A year of belt tightening is ahead for Georgia Tech. With revenues from ticket sales projected to fall by 40%, the athletic department will have to pare spending that already has been frugal.

However, making the ends meet will require furloughs for staff across the department, including coaches. The salary budget will be cut by $3.2 million, from $32.5 million to $29.3 million, a 10% decrease. The reduction will be achieved through tiered furloughs and a “critical review of all positions,” according to a budget document.

The furlough program was authorized by the University System of Georgia’s board of regents for the state’s colleges and universities because of an expected drop in state revenues because of COVID-19.

The department will count on $32.5 million from the ACC, largely furnished by ESPN money for the ACC Network. Last year, in the network’s launch season, Tech received $29.2 million, which was under the projected $31.8 million in part because of the cancellation of the ACC men’s basketball tournament. So long as games are played this fall and winter, Tech and its ACC brethren will continue to receive the treasured television money.

To compensate for the losses in football ticket revenue, the department will scoop out 51% more money from its endowment funds — $14.7 million — than last year’s budget. For instance, Lewis said the department will draw 10% from its scholarship endowment fund, double the standard 5% withdrawal, adding another $2-2.5 million to the revenue side.