Iowa AD Taking Out a $75 Million Loan

[UNTLifer]

I know this isn't Mean Green Football related, but thought it would be of interest to the readers here.  The MOD's can move this is there is a better place.

They are also cutting four sports.

https://www.athleticbusiness.com/college/iowa-ad-cut-teams-can-t-be-saved-as-dept-takes-out-loan.html?eid=324696786&bid=2670458

"Iowa is projecting about $100 million of lost revenue and an overall deficit between $60-75 million this fiscal year. Barta expects cutting four sports, bringing Iowa down to 20 programs, will save about $5 million each year. HawkCentral, which noted that only Iowa’s football and men’s basketball teams are profitable, reported it may take 15 years for the university to pay off the $75 million loan"

Considering their annual take from being in the Big Ten and a "P5", this was amazing to me and reflects how some of these institutions have lived in the now with no consideration of fiscal responsibility.  It is mind boggling that these universities that take in so much money each year, don't put any back as a contingency fund of some sort.  I realize that  there was no way to predict the Covid-19 pandemic and its effects, but it is still baffling that some of these schools were living on the edge financially from year to year.  

[Withers940]

"Somebody told us Wall Street fell but we were so poor that we couldn't tell, Cotton was short and the weeds were tall"

[untjim1995]

I hope this leads to a hard reset in all of college sports. 

[97and03]

Move it to where?

[UNTLifer]

1 hour ago, 97and03 said:

Move it to where?

[Aquila_Viridis]

You mean they were supposed to foresee the disastrous national overreaction to it?

[El Paso Eagle]

I think it shows everyone there are a lot of programs around the nation that are way over spending and are getting in deeper and deeper trying to keep up with those at the top

Edited August 25, 2020 by El Paso Eagle

[RiseUNT]

Basically they were living check to check. They got sick missed a check and couldn’t pay the bills. Welcome to America for a lot of people.

[SteaminWillieBeamin]

1 hour ago, Aquila_Viridis said:

You mean they were supposed to foresee the disastrous national overreaction to it?

...and even with that overreaction my kid's nanny had to attend a Facebook funeral for her bestfriend who died in Houston of COVID complications in the past week. And my best friend's Aunt-in-law died of COVID in Lewisville.  This past Sunday my uncle in Colorado was rushed to the hospital with heart failure and he tested positive for COVID - still alive. Just digits on the 180,000... but luckily it is that low. 

Edited August 25, 2020 by SteaminWillieBeamin