Aug 13, 2013, 3:48 PM EDT
Maryland’s athletic department is broke.
That’s why the school made the decision to jump from the ACC to the Big Ten. They wanted to balance their budget, to stop operating in the red and to reinstate the seven sports that were cut back in 2012.
As Maryland President Wallace Loh told SI.com last November, “by being members of the Big Ten Conference, we will be able to ensure the financial sustainability of Maryland athletics for decades to come.”
The plateau of financial sustainability may take longer to reach than originally expected, however.
The commission found that the Maryland athletic department operated at a deficit of more than $21 million for the past academic year because of two reasons: “past financial decisions” that led to continuing debt and the ACC’s withholding of roughly $15 million in revenue. The conference began withholding the revenue last year as part of its efforts to collect a $52 million exit fee from the school, which maintains that the fee is illegal.
According to the report, the university has loaned the athletic department — which has a goal of being self-sufficient — upwards of $21 million to overcome the deficit, with additional loans of $20 million potentially required if the ACC continues to withhold revenue.
Even with the additional Big Ten money, Maryland’s athletic department isn’t projected to operate at a surplus until 2017-2018, and thanks to the debt they will have to repay to the University, the school won’t be spending the amount per athlete that the rest of the Big Ten does until 2025.
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FGCU’s Sweet 16 run in 2013 paid off in a big way for the athletic department.
Sep 18, 2014, 7:04 PM EDT
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Sep 18, 2014, 5:52 PM EDT
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Sep 18, 2014, 4:50 PM EDT
Calipari tweeted that if the coaches gained an advantage from helping revitalize USA Basketball he “doesn’t begrudge them in the least.”
Sep 18, 2014, 3:00 PM EDT
An important member in a 2015 class lacking guards has set a decision date.
Sep 18, 2014, 2:00 PM EDT
John Calipari helped some campers waiting for Kentucky’s Big Blue Madness sleep a little easier by giving away a mattress and some pillows.
Sep 18, 2014, 1:08 PM EDT
Baylor will be without an incoming recruit for the 2014-15 season.
Sep 18, 2014, 11:56 AM EDT
Coach K responded to recent criticisms lobbied at him about unfair recruiting advantages as USA Basketball’s coach.
Sep 18, 2014, 11:00 AM EDT
Providence is hoping a key member of its backcourt will be healthy this season after two straight years with a shoulder injury.
Sep 18, 2014, 10:05 AM EDT
One five-star prospect heard a recruiting pitch centered on LeBron James’ homecoming to Cleveland.
Sep 18, 2014, 9:10 AM EDT
Vince Carter highlight reels are still the best.
Sep 17, 2014, 11:25 PM EDT
With Isaiah Briscoe moving on to the college ranks next summer, Duval could be the next elite guard produced by the Playaz Basketball Club.
Sep 17, 2014, 10:10 PM EDT
Last year’s Hoops on the Haasephalt event attracted nearly 4,000 fans on the UAB campus.
Sep 17, 2014, 8:26 PM EDT
Despite rumors to the contrary, one of the best players in the Class of 2015 is 100 percent committed to attending LSU next year.
Sep 17, 2014, 6:55 PM EDT
“The Grateful Red” snapped up every available ticket within five minutes Wednesday morning.
Sep 17, 2014, 4:55 PM EDT
The Nittany Lions return five of their top six scorers from a team that finished the 2013-14 season with a 16-18 record (6-12 Big Ten).
Sep 17, 2014, 4:04 PM EDT
Jim Boeheim is not one to bite his tongue around the media.
Sep 17, 2014, 3:16 PM EDT
Tucker is a powerful dunker at 6-foot-4
Sep 17, 2014, 1:43 PM EDT
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