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OT: UIowa's Financial "Woes"
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northcoastRocket Online
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OT: UIowa's Financial "Woes"
https://www.forbes.com/sites/karenweaver...l-trouble/

So, Iowa says they are gonna run a $60-75M deficit in their athletic budget this year due to COVID.

And of course, what are they doing to cope - cutting non-revenue sports. The sports they cut cost diddly to run, and of course they promise to keep the athletes on scholarship, which means they really don't save much at all this year, so it really doesn't help really. This is one of the things the PAC12 athletes were complaining about, they take opportunities away from future athletes permanently, while those raking in the dough feel little pain.

I didn't realize how overly inflated the UI FB budget was (even by BIG10 standards) before reading this article. Heck their debt servicing alone is bigger than many schools entire athletic budget.

I mean ok, the FB HC volunteered to take a 15% pay cut - for one year only. And will still be making over $4M a year even then. And this is even after all the recent revelations about how poorly the black athletes have been treated for decades there. Of course, the HC did what all head coaches do in that situation, claimed complete ignorance of anything bad happening. For $5M a year in salary, I would think he's being paid to know precisely everything is going on there, and if he doesn't he's not doing his job.

My guess is, after this is over (whenever that is) that all the coaches and administrators from the P5 schools will get huge bonuses and raises for navigating through all of this. Meanwhile, the athletes that all lose their opportunities, meh, not so much.
08-23-2020 11:52 AM
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DetroitRocket Offline
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RE: OT: UIowa's Financial "Woes"
(08-23-2020 11:52 AM)northcoastRocket Wrote:  https://www.forbes.com/sites/karenweaver...l-trouble/

So, Iowa says they are gonna run a $60-75M deficit in their athletic budget this year due to COVID.

And of course, what are they doing to cope - cutting non-revenue sports. The sports they cut cost diddly to run, and of course they promise to keep the athletes on scholarship, which means they really don't save much at all this year, so it really doesn't help really. This is one of the things the PAC12 athletes were complaining about, they take opportunities away from future athletes permanently, while those raking in the dough feel little pain.

I didn't realize how overly inflated the UI FB budget was (even by BIG10 standards) before reading this article. Heck their debt servicing alone is bigger than many schools entire athletic budget.

I mean ok, the FB HC volunteered to take a 15% pay cut - for one year only. And will still be making over $4M a year even then. And this is even after all the recent revelations about how poorly the black athletes have been treated for decades there. Of course, the HC did what all head coaches do in that situation, claimed complete ignorance of anything bad happening. For $5M a year in salary, I would think he's being paid to know precisely everything is going on there, and if he doesn't he's not doing his job.

My guess is, after this is over (whenever that is) that all the coaches and administrators from the P5 schools will get huge bonuses and raises for navigating through all of this. Meanwhile, the athletes that all lose their opportunities, meh, not so much.

Each team is getting a $50 million payout from the conference. Can't get by on that?
08-23-2020 12:18 PM
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utrocks84 Offline
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RE: OT: UIowa's Financial "Woes"
Iowa endowment is 1.58 Billion, isn't an endowment use validated in a once in 100 year pandemic (politics aside). This is nothing more than a reason to cut those programs, as stated above the scholarships are still being used this is a long term view of a supposed short term crisis.
08-23-2020 12:42 PM
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PaulJ Offline
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RE: OT: UIowa's Financial "Woes"
(08-23-2020 12:42 PM)utrocks84 Wrote:  Iowa endowment is 1.58 Billion, isn't an endowment use validated in a once in 100 year pandemic (politics aside). This is nothing more than a reason to cut those programs, as stated above the scholarships are still being used this is a long term view of a supposed short term crisis.

Depends on how much of the endowment is dedicated or restricted by donors to other university aspects including scholarships, labs, buildings, faculty etc.... Colleges can not just take donor money and use where ever they like-unless funds are unrestricted.
08-23-2020 01:29 PM
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northcoastRocket Online
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RE: OT: UIowa's Financial "Woes"
Well that didn't take long, apparently many of the Iowa football coaches are getting raises, even as the school eliminates sports because they are in financial straits. Ridiculous.

https://swimswam.com/iowa-football-coach...-programs/
09-01-2020 07:15 PM
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