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.
Jul 4, 2015, 7:45 PM EDT
Mathiang’s playing on an Australian team that includes the likes of Peter Hooley and Hugh Greenwood.
Jul 4, 2015, 5:00 PM EDT
The 6-foot-9 Henry averaged 6.0 points and 3.6 rebounds per game last season.
Jul 4, 2015, 3:59 PM EDT
Jalen Brunson led the way with 30 points for the United States, which plays Croatia Sunday.
Jul 4, 2015, 3:00 PM EDT
Miles Bridges is one of the better scorers in the 2016 class.
Jul 4, 2015, 2:15 PM EDT
The US is taking on the hosts in the semifinals, with the winner getting Croatia on Sunday.
Jul 4, 2015, 1:00 PM EDT
Four players from 2015 NCAA tournament programs are trying out for the Canadian national team.
Jul 4, 2015, 11:00 AM EDT
Kansas won its debut overseas this summer as Wayne Selden had a big outing.
Jul 4, 2015, 9:05 AM EDT
UConn landed a quality guard in the Class of 2016.
Jul 4, 2015, 8:00 AM EDT
Given Oregon’s many perimeter options, minutes were likely to be at a premium for Rorie in 2015-16.
Jul 3, 2015, 11:00 PM EDT
The top four players remain the same.
Jul 3, 2015, 9:19 PM EDT
The redshirt junior has not played since January 2014.
Jul 3, 2015, 7:30 PM EDT
The rising sophomore was originally being blocked from transferring to 55 schools.
Jul 3, 2015, 6:08 PM EDT
Ohio State begins its 2017 class with a local product.
Jul 3, 2015, 4:30 PM EDT
Jalen Brunson led USA Basketball with 17 points.
Jul 3, 2015, 2:10 PM EDT
A lot of unranked players made their way into the top five in a surprisingly deep class.
Jul 3, 2015, 1:40 PM EDT
Jalen Brunson led four Americans in double figures with 17 points.
Jul 3, 2015, 11:30 AM EDT
Minnesota is one of four schools the 6-foot-10 center is reportedly considering.
Jul 3, 2015, 10:00 AM EDT
The lone school to host the Georgia native on an official visit is considered to be the favorite in this recruiting race.
Jul 2, 2015, 7:40 PM EDT
Oregon still has a date to fill (December 29), which the school expects to be filled by an in-state opponent.
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