Skip to content

Maryland’s athletic department was $21 million in the red last year

Aug 13, 2013, 3:48 PM EST

Maryland Announces Move to Big Ten Conference Getty Images

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.

According to a report released by the University, Maryland’s athletic department operated at a deficit of $21 million last academic year. Here’s Alex Prewitt of the Washington Post on the issue:

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.

Latest Posts
  1. College Basketball Talk’s latest top 25: Kentucky reigns, but how far will Kansas, Florida slide?

    Nov 24, 2014, 7:00 AM EST

    Miami v Florida Getty Images

    Putting together a top 25 this early is tough to do as we balance expectations with early season performance.

  2. Late Night Snacks: West Virginia, Miami win in-season tournament titles

    Nov 24, 2014, 1:10 AM EST

    Juwan Staten, Terrence Samuels Juwan Staten, Terrence Samuels

    No. 1 Kentucky set a new school record, Ohio State’s Shannon Scott broke Aaron Craft’s single-game assist record and more.

  3. Miami caps 4-0 week with second Gildan Charleston Classic title

    Nov 23, 2014, 11:49 PM EST

    McClellan Fernandez Palmer Rodriguez Lecomte Thomas McClellan Fernandez Palmer Rodriguez Lecomte Thomas

    A week that began with a win at No. 7 Florida ended with a commanding victory over Charlotte at the Gildan Charleston Classic.

  4. West Virginia shows signs of progress in Puerto Rico Tipoff win over No. 17 UConn

    Nov 23, 2014, 9:57 PM EST

    Bob Huggins Bob Huggins

    West Virginia has better depth and toughness than they had a season ago, and those improvements paid off in Puerto Rico this weekend.

  5. #POSTERIZED: Texas A&M-Corpus Christi’s John Jordan takes flight (VIDEO)

    Nov 23, 2014, 8:55 PM EST

    John Jordan, Miles Reynolds John Jordan, Miles Reynolds

    The 5-foot-10 guard has a standing vertical of 38 inches. That’s pretty good.

  6. Rutgers’ Kadeem Jack scores 13 points in first action of the season

    Nov 23, 2014, 8:10 PM EST

    Kadeem Jack, Chris Hooper, Antonio Jenifer AP

    Kadeem Jack missed the first two games of the season with a thumb injury.

  7. New Mexico guard breaks bone in his hand during loss to Texas A&M

    Nov 23, 2014, 6:55 PM EST

    Peyton Allen, Arthur Edwards Peyton Allen, Arthur Edwards

    With Cullen Neal already dealing with an ankle injury, Arthur Edwards is the latest Lobo dealing with a health issue.

  8. Reserve big man one of four UConn players suspended for violation of team rules

    Nov 23, 2014, 5:34 PM EST

    Hunter Ware, Ryan Boatright Hunter Ware, Ryan Boatright

    Rakim Lubin was averaging five minutes per contest in UConn’s first three games.

  9. Danuel House’s Texas A&M debut a successful one in Puerto Rico

    Nov 23, 2014, 5:16 PM EST

    Danuel House, Nick Russell, Nic Moore AP

    House scored 18 points, shooting 7-for-11 from the field, in Texas A&M’s 64-51 win over New Mexico.

  10. Yale forward Matt Townsend named a Rhodes Scholar

    Nov 23, 2014, 3:55 PM EST

    (Yale athletics/dspics.com) (Yale athletics/dspics.com)

    Yale forward Matt Townsend was named a Rhodes Scholar this weekend, a rare honor only give to 32 American students each year.

  11. POSTERIZED: Welcome to the 2014-15 season, Danuel House (VIDEO)

    Nov 23, 2014, 2:41 PM EST

    Danuel House AP

    Danuel House made his presence felt immediately for Texas A&M.

  12. Assigned Reading: Oakland’s Tommy McCune has overcome a lot while showing flashes of great play

    Nov 23, 2014, 2:10 PM EST

    tommy mccune Getty Images

    Oakland forward Tommy McCune had to overcome the loss of his mother after she lost her battle with cancer, but he’s shown flashes of great play early this season as he moves forward.

  13. Four-star 2015 big man cuts his list to three then visits SEC powerhouse

    Nov 23, 2014, 12:00 PM EST

    (Nike) (Nike)

    One of the best unsigned players in the 2015 class is down to three schools but then visited another school on Friday night.

  14. POSTERIZED: Wyoming’s Larry Nance Jr. throws down an alley-oop in traffic

    Nov 23, 2014, 11:00 AM EST

    Larry Nance (AP Photo) AP

    Looks like Larry Nance Jr. is fully recovered from last season’s ACL injury.

  15. Division III school makes buzzer-beating three-pointer against same opponent in back-to-back years (VIDEOS)

    Nov 23, 2014, 10:00 AM EST

    NCAA Men's Final Four - Practice Getty Images

    This is one of the wildest buzzer-beaters I’ve ever seen and the back story makes it that much more incredible.

  16. Pregame Shootaround: Tip-Off Tournaments and some ranked teams headline Sunday

    Nov 23, 2014, 9:10 AM EST

    AP AP

    Tournament action resumes on a busy Sunday of college hoops.

  17. Quinn Cook is thriving as an off-guard, and No. 4 Duke will reap the benefits

    Nov 23, 2014, 3:56 AM EST

    Getty Images Getty Images

    Concerns about Cook moving off the ball seem foolish through five games.