A report in SportsBusiness Journal paints a dire picture of one of the biggest college athletics programs, the SEC’s Tennessee Volunteers:
“The Vols find themselves mired in more than $200 million of debt, the most in the SEC, with reserves of just $1.95 million, the least in the conference.”
The department’s debt is a combination of a drop in attendance (can you remember the last big Tennessee football win?), poorly timed facility upgrades and the buyouts of coaching contracts, according to the story. [Click Here to Continue Reading]
My first reaction to this article was ‘well like 90% of athletic departments lose money every year’, but $200 million?! How is that even possible? Didn’t someone go, “Hey, guys maybe we should curb the spending until one of our teams is good, eh? Maybe we shouldn’t add the cold tub in the women’s golf locker room.” So what happens if things go really haywire? Peyton will save the day somehow!