Aug 13, 2013, 3:48 PM EST
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.
Feb 1, 2015, 7:22 PM EST
Marcus Thornton, the team’s leading scorer and rebounder, missed Saturday’s loss at South Carolina after suffering a concussion last Tuesday.
Feb 1, 2015, 6:02 PM EST
Both Cincinnati and UConn dropped conference games on the road as well.
Feb 1, 2015, 4:45 PM EST
Michigan point guard Derrick Walton Jr. will miss even more time with a foot injury.
Feb 1, 2015, 2:45 PM EST
Florida State had a rough start, but managed to rally and knock off in-state rival Miami.
Feb 1, 2015, 1:15 PM EST
Duke’s road win at Virginia was one of the most shocking results of the college basketball season.
Feb 1, 2015, 12:15 PM EST
Missouri has more issues off-the-floor as a freshman guard is suspended.
Feb 1, 2015, 11:15 AM EST
Holy Cross senior forward Malcolm Miller makes a case for the college dunk contest in a new video.
The end of the Division II Drury/Quincy game is one of the best college basketball finishes of the year (VIDEO)
Feb 1, 2015, 10:00 AM EST
The ending to a college basketball game doesn’t get much better than this.
Feb 1, 2015, 9:00 AM EST
With the impending football game, not a lot of college hoops on Sunday.
Jan 31, 2015, 11:43 PM EST
Andrew Papenfus made his season debut for the Broncos Saturday night, just over three months after a benign tumor was removed from his brain.
Jan 31, 2015, 10:42 PM EST
Kendall Anthony scored 20 points in the second half to lead Richmond to the 64-55 win, but the status of Weber is VCU’s greatest concern.
Jan 31, 2015, 9:03 PM EST
No. 4 Duke lands a stunning, come-from-behind win over No. 2 Virginia.
Jan 31, 2015, 8:31 PM EST
In the midst of Louisville’s comeback from an 18-point deficit, Montrezl Harrell showed why he’s considered to be one of the best athletes in college basketball.
Jan 31, 2015, 8:02 PM EST
Louisville outscored North Carolina by 16 from the foul line and by 15 in second-chance points, which helped them erase an 18-point second half deficit.
Jan 31, 2015, 7:10 PM EST
Also of note Saturday afternoon was No. 18 Northern Iowa rolling past No. 12 Wichita State.
Jan 31, 2015, 6:39 PM EST
UNI went on a 22-6 run over a ten-plus minute stretch as they moved into a tie for first in the Missouri Valley.
Jan 31, 2015, 3:11 PM EST
Jerian Grant, Notre Dame see comeback fall short at Pitt.
Jan 31, 2015, 2:34 PM EST
Trevor Lacey makes one of the best buzzer-beaters of the season to give N.C. State a road win at Georgia Tech.
Jan 31, 2015, 1:45 PM EST
Florida’s Alex Murphy with a nominee for Saturday’s dunk of the day.
Jan 31, 2015, 1:15 PM EST
Bruce Pearl received a warm ovation from Tennessee fans in his first game back as an opposing head coach.
- Why Duke’s road win at Virginia was so shocking 3
- Briante Weber suffers season-ending knee injury in No. 14 VCU’s loss to Richmond 0
- No. 4 Duke ends No. 2 Virginia’s unbeaten season 1
- Foul line, offensive rebounding aid No. 13 Louisville’s comeback effort 0
- Saturday’s Snacks: No. 4 Duke rebounds to beat No. 2 Virginia, and No. 8 Notre Dame falls 0
- No. 8 Notre Dame upset by Pitt 1
- Auburn coach Bruce Pearl greeted with cheers during first return to Tennessee (VIDEO) 2
- Duke dismisses reserve shooting guard from program (13)
- Bill Self on the loss of Kansas-Missouri rivalry: ‘It hasn’t been great’ (8)
- Jerian Grant, No. 8 Notre Dame erase another double-digit deficit as they beat No. 4 Duke (7)
- Wichita State guard Conner Frankamp arrested on Saturday night (4)
- Jerian Grant turns back fans trying to storm the floor after Duke win (GIF) (4)