https://gotigersgo.com/news/2020/7/9/gen...pdate.aspx
MEMPHIS, Tenn. – Memphis Athletics has identified difficult cost reduction measures in anticipation of revenue impacts associated with the COVID-19 global pandemic. While the full realization of those impacts remains uncertain, at a minimum, it is clear that social distancing requirements will have a significant impact on ticket sales capacity and Tiger Scholarship Fund revenues, among other projected losses.
As the budget planning process approaches completion, Memphis Athletics has taken proactive measures to reduce costs to $4.4 million for the 2020-21 fiscal year, according to Director of Athletics Laird Veatch. These efforts include a 14% reduction to administrative and sports operational budgets, in addition to significant personnel savings, as compared to prior year expenses.
"I greatly appreciate the flexibility and sacrifices by our coaches and staff through this challenging budgeting process," Veatch said. "There has arguably never been a more uncertain financial period in our history, and the collective understanding of the sacrifices necessary by our entire athletics staff is both encouraging and appreciated."
Impacts will be felt across the department, including more regionalized non-conference scheduling for many sports - in an effort to significantly reduce travel costs.
In addition, Veatch announced that he and a number of Athletics Department employees are making voluntary philanthropic contributions to the Tiger Scholarship Fund to help during this unprecedented time. While Veatch and his wife, Brandy, have elected to donate 10% of his salary for the next six months, he recently asked others in the Tiger Athletics Department family to consider doing what they can. The early returns are encouraging.
"I have been so humbled and inspired by the initial response we have received, including the immediate leadership demonstrated by head coaches Penny Hardaway, Ryan Silverfield and Melissa McFerrin, who will collectively be giving back nearly $200,000 to Memphis Athletics," said Veatch.
Significant efforts have been made to maintain the student-athlete experience, including an additional investment of more than $300,000 in scholarships for 23 returning seniors who had their spring competitive seasons cut short due to the COVID-19 pandemic.
"While some universities across the country are finding it necessary to take drastic measures such as eliminating entire sports programs, I am proud of the staff for finding cost reductions and making the sacrifices necessary that give us the best opportunity to emerge from this crisis in a stronger and healthier position. I want to thank the University of Memphis administration and the Memphis Tigers community for their unwavering support during this difficult time," said Veatch.
