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.
Oct 25, 2014, 10:07 PM EDT
Keifer Sykes is one of the best dunkers in America, and he was at it again Saturday afternoon.
Oct 25, 2014, 8:47 PM EDT
The intro video to Tom Izzo’s memorable entrance at “Michigan State Madness” Friday night.
Oct 25, 2014, 7:03 PM EDT
While head coach Gib Arnold released a statement saying that the school had yet to receive a Notice of Allegations from the NCAA, the administration is considering the option of self-imposing sanctions.
Oct 25, 2014, 5:29 PM EDT
Byron Samuels already had a tough rebuilding job in front of him as a result of Florida A&M being hit with a postseason ban for low APR numbers.
Oct 25, 2014, 4:00 PM EDT
Mike Young has seen the Wofford men’s basketball program come a long way since he first joined the coaching staff back in 1989.
Oct 25, 2014, 3:30 PM EDT
A three-star commit on Friday night, a top-70 pledge on Saturday morning. This has been a big weekend for first-year head coach Mike Rhoades.
Oct 25, 2014, 2:00 PM EDT
A story from Syracuse.com says the first-year big man does up to 500 pushups daily.
Oct 25, 2014, 12:50 PM EDT
This is Danny Manning’s third commitment this month, first in the Class of 2016.
Oct 25, 2014, 12:00 PM EDT
Davidson is gone, but that does not mean that the SoCon will be a bad basketball league.
Oct 25, 2014, 11:45 AM EDT
Only three programs remain in contention for the nation’s top rated point guard.
Oct 25, 2014, 11:00 AM EDT
Pretty good dunk, but still not better than Chris Mack’s entrance.
Oct 25, 2014, 10:15 AM EDT
The Hall of Fame coach makes his first comments, several days after Kenneth Wainstein released his report.
Oct 24, 2014, 10:55 PM EDT
Tom Izzo does it again. Add it to the long line of amazing midnight madness entrances.
Oct 24, 2014, 10:24 PM EDT
Chris Mack and his daughters performed ‘Paul Revere’ at Musketeer Madness on Friday night.
Oct 24, 2014, 8:05 PM EDT
The Wisconsin forward is likely to miss a week or two
Oct 24, 2014, 7:30 PM EDT
Ed Cooley adds a 6-foot-8 forward to the Friars’ front court.
Oct 24, 2014, 6:45 PM EDT
The former Virginia Tech Hokie will be a big boost to SMU’s perimeter.
Oct 24, 2014, 6:00 PM EDT
Manhattan and head coach Steve Masiello had some issues to address this spring, but thanks in part to their departed senior class the Jaspers are well-positioned to once again contend in the MAAC.
Oct 24, 2014, 5:05 PM EDT
One of the nation’s highly-touted bigs is closer to making a decision after eliminating two programs from his list.
Oct 24, 2014, 4:22 PM EDT
Jones became the second coach to lead LSU to postseason appearances in his first two years this past spring.
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