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.
Aug 31, 2014, 11:43 PM EDT
The second team All-MAC selection scored eight points in Senegal’s win over Puerto Rico.
Aug 31, 2014, 10:25 PM EDT
Bruce Weber now has three verbal commitments in the Class of 2015.
Aug 31, 2014, 9:05 PM EDT
5-foot-11 point guard Glynn Watson becomes Nebraska’s second 2015 commitment.
Aug 31, 2014, 8:02 PM EDT
Slender forward Brandon Ingram is one of the best perimeter prospects in the Class of 2015.
Aug 31, 2014, 6:20 PM EDT
Tennessee is on the board in 2015 due to the addition of a versatile 6-foot-5 forward.
Aug 31, 2014, 5:23 PM EDT
Roy Williams challenged his players in the Bahamas, and the accepted it on Saturday afternoon.
Aug 31, 2014, 3:39 PM EDT
Malik Newman is the No. 3 overall recruit, according to Rivals.
Aug 31, 2014, 1:35 PM EDT
The Robinson brothers are the first two commits in Quinnipiac’s Class of 2015.
Aug 31, 2014, 12:00 PM EDT
The Cougars have been without a head coach since Aug. 5.
Aug 31, 2014, 10:17 AM EDT
Bruce Pearl has landed five commitments in 10 days.
Aug 31, 2014, 9:30 AM EDT
More dunks from one of the best all-star games of the summer.
Aug 30, 2014, 11:20 PM EDT
Connor McCaffery was expected to play for his father, and he announced the intention to do so Saturday.
Aug 30, 2014, 9:57 PM EDT
The Floridian averaged 26 points per game as a high school junior.
Aug 30, 2014, 8:00 PM EDT
Yanick Moreira missed time last season due to injury, so this month could prove incredibly valuable for both he and the SMU program he’ll rejoin.
Aug 30, 2014, 6:43 PM EDT
Providence is looking to reach consecutive NCAA tournaments for the first time since the 1989 and 1990 seasons.
Aug 30, 2014, 5:00 PM EDT
Franklin Edmond averaged 18.0 points and 6.2 rebounds per game as a freshman.
Aug 30, 2014, 3:30 PM EDT
After a big recruiting week for Auburn, two players from the current roster are leaving the program.
Aug 30, 2014, 2:00 PM EDT
Cincinnati has some tough opponents in the non-conference portion of the 2014-15 schedule.
Aug 30, 2014, 1:00 PM EDT
Utah State returns a veteran locker-room presence.
Aug 30, 2014, 11:30 AM EDT
Providence added another piece for the 2014-15 season late this week.
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- College Basketball Talk’s Recruiting Roundup 0
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