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.
Mar 1, 2015, 1:18 AM EST
Will the Zags even stay out west?
Mar 1, 2015, 12:43 AM EST
In a game that saw both teams struggle to find their rhythm, “Zeus” and Gabe York came up big for Arizona.
Bubble Banter: Boise State, St. John’s, Dayton win the day; Texas, N.C. State lose; and Kansas State?
Mar 1, 2015, 12:27 AM EST
All the bubble winners and losers from Saturday’s college hoops action.
Feb 28, 2015, 10:58 PM EST
This came close to being really, really bad.
Feb 28, 2015, 10:25 PM EST
Dwayne Polee II had to sit out Saturday’s loss to Boise State as a result of an abnormal reading generated by his cardiac monitor.
Feb 28, 2015, 7:42 PM EST
With the loss Texas drops to 1-11 in games against teams in the RPI Top 50.
Late Night Snacks: No. 7 Arizona, No. 11 Wichita State and No. 19 Baylor among Saturday’s big winners
Feb 28, 2015, 7:35 PM EST
No. 1 Kentucky moved to 29-0, and No. 6 Villanova came back to win at Xavier.
Feb 28, 2015, 7:03 PM EST
The Cyclones lost at home against Baylor and then lost at Kansas State.
Feb 28, 2015, 7:01 PM EST
Kentucky has now won 46 SEC titles, and this group looks poised to add more hardware to the trophy case before the season concludes.
Feb 28, 2015, 5:13 PM EST
Having just seven scholarship players hasn’t kept the Flyers from playing a major role in the Atlantic 10 race.
Feb 28, 2015, 4:48 PM EST
The Shockers are once again champions of the Valley.
Feb 28, 2015, 3:45 PM EST
Kansas will be without Cliff Alexander against Texas on Saturday.
Feb 28, 2015, 1:55 PM EST
Jake Layman didn’t want to get dunked on.
Feb 28, 2015, 12:21 PM EST
Robbie Berwick is not going to like seeing this highlight.
Feb 28, 2015, 11:15 AM EST
Auburn will be without second-leading scorer Antoine Mason as he deals with the death of his father.
Feb 28, 2015, 10:00 AM EST
Marist’s Khallid Hart made the game-winning layup with 1.5 seconds left for the win.
Feb 28, 2015, 9:00 AM EST
A huge Saturday with 150 games and a lot of bubble action.
Feb 28, 2015, 12:17 AM EST
Here’s the rundown from Friday night.
Feb 27, 2015, 10:20 PM EST
An off-campus altercation back in 2010 led to a year-long suspension for the Villanova forward.
Feb 27, 2015, 9:15 PM EST
Jim Boeheim goes back almost nine years to describe Rakeem Christmas’ importance to this year’s team.
- Did Gonzaga cost themselves a No. 1 seed with loss to BYU? 0
- Kaleb Tarczewski produces another quality outing as No. 7 Arizona beats No. 13 Utah 0
- Bubble Banter: Boise State, St. John’s, Dayton win the day; Texas, N.C. State lose; and Kansas State? 1
- Late Night Snacks: No. 7 Arizona, No. 11 Wichita State and No. 19 Baylor among Saturday’s big winners 1
- No. 1 Kentucky moves to 29-0 with blowout win over No. 18 Arkansas 0
- No. 11 Wichita State wins the Missouri Valley by knocking off No. 10 Northern Iowa 0
- NCAA tournament berth the final step for St. John’s senior class 0
- Report: Former Louisville guard Chris Jones charged with rape, sodomy (12)
- Roy Williams calls out North Carolina fans following win over Georgia Tech (11)
- Bill Self crushed, Jamari Traylor targeted during Kansas State court storm (VIDEO) (11)
- Dez Wells, Melo Trimble lead No. 14 Maryland to upset of No. 5 Wisconsin (9)
- Vanderbilt head coach Kevin Stallings apologizes for postgame outburst directed at freshman guard Wade Baldwin IV (9)