$200 Million in Debt, Tennessee's Dave Hart Hopes to Stop the Bleeding

#76
#76
jeff1vol said:
MOST other public schools in the SEC (YES YOU UF!) receive a TON of money from tax revenue etc. that help fund their athletic departments. UT athletics uses absolutely ZERO public money on athletics. ALL private funding.
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Please quantify your use of the word "TON" with a credible source, or perhaps a link to an article validating what you posted above...or better yet, just admit you're talking out of your arse.
 
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#77
#77
I dont think the ad is subject to sunshine laws because it receives no public funding. These numbers could be wrong or outdated. We just got a new tv contract that provided a lot more money.
 
#78
#78
Hey...this is released at the right time, we just received some positive news about recruiting and the job CBJ is doing...someone had to be DEBBIE DOWNER...
 
#81
#81
Velo Vol said:
Stopping giving ridiculous buyouts to coaches would be a good first step.
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That's a drop in the bucket compared to the $140 mil he spend on stadium renovations. Bricks are nice, but they don't sell tickets!
 
#82
#82
Lawrence Wright said:
Please quantify your use of the word "TON" with an a credible source, or perhaps a link to an article validating what you posted above...or better yet, just admit you're talking out of your arse.
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Please qualify your response with correct grammar to be considered relevant.
 
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#84
#84
Complete guess with no evidence, but I'd be willing to guess both UT & UF receive federal funds.
 
#86
#86
The Vols incur another expense that costs them $1.6 million a year in city and county taxes. It’s called the “amusement tax,” and it charges the school 5 percent on each ticket sold in football, men’s basketball and women’s basketball, in addition to the 9.25 percent state sales tax. The amusement tax, according to Tennessee athletics Chief Financial Officer Bill Myers, doesn’t pertain to concerts — just the Vols’ major sporting events. Cities and counties that are home to other Tennessee schools and the NFL Titans don’t impose such a tax, he said.
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Why doesn't the city give Cumberland a facelift? How much of the debt is due to stadium renovations and the "thunderdome of power"?
 
#88
#88
paying millions to failed coaches and millions to the university=big debt problems. UT needs to stop doing both.
 
#90
#90
why did hart build a $5 million buyout into dooley's contract? dooley was coming to UT with no leverage, a losing record and couldn't demand anything like that. what happened??
 
#91
#91
Start filling up the stadium next year and you can cut into this deflict in a big way. Winning cures all ills.
 
#93
#93
I would like at least a comparison to other schools in the SEC. Hard to really know whether it is that big of a deal without something to compare it to. I would also like to know how much of that is from the facility upgrades we have had within the past 3-4 years.
 
#94
#94
VolsRule said:
why did hart build a $5 million buyout into dooley's contract? dooley was coming to UT with no leverage, a losing record and couldn't demand anything like that. what happened??
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The University of Tennessee named Dave Hart vice chancellor and director of athletics on Sept. 5, 2011.

Derek Dooley was hired January, 2010....

Don't make yourself look stupid. Do a little research first. Plus, 5 million isn't anything compared to 200.

It's the 140 million in renovations. I am not complaining though. A lot of ppl have debt, planned debt and unplanned debt are two different things.

I go out and buy a $2000 TV on credit at best buy and pay it back over 2 years. The TV will last me 7 years. So, it looks bad in the short term, but pays back in the long term...
 
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#96
#96
This is taken somewhat out of context. While the financial situation of the athletic is suboptimal it is hardly dire. First, The University of Tennessee is a state institution which is implicitly (if not explicitly) backed by the full faith and credit of the State of Tennessee--the state currently carries a credit rating at S&P of AA+, one of the highest in the United States and much higher than most sovereign domains in the world. Second, the athletic department is nowhere near being technically insolvent as assets (including the present value of future revenue streams) are surely many times more than liabilities--including the +200m in serviceable debt. What Tennessee is really facing right now is a cash flow problem for which the administration has already started to address. Do not blow this out of proportion.
 
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#97
#97
bigeasy said:
I would like at least a comparison to other schools in the SEC. Hard to really know whether it is that big of a deal without something to compare it to. I would also like to know how much of that is from the facility upgrades we have had within the past 3-4 years.
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I agree 100%. Media outlets are just looking for something to jump on. They are like piranhas, see a little blood in the water and swarm in for the the kill.

They will release the big "headline" shocker part of the story, but forget to mention that other schools have the same issues. They even said on ESPN about 14-16 schools are making money. Out of 116 schools, less than 15% bring in a profit?

We aren't the only school with debt.

And, we have a sweet new facility and pretty 110,000 person stadium!

BOOM!:rock:
 
#98
#98
C1Vol1 said:
This is taken out of context. While the financial situation of the athletic is suboptimal it is hardly dire. First, The University of Tennessee is a state institution which implicitly (if not explicitly) backed by the full faith and credit of the State of Tennessee. Second, the athletic department is nowhere near being technically insolvent as assets (including the present value of future revenue streams) are surely are many times more than liabilities--include the +200m in serviceable debt. What Tennessee if really facing right now is a cash flow problem for which the administration has already started to address. Do not blow this out of proportion.
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This.

If people think the AD is on the brink of implosion, they are nuts. There are ways this would have been foreseen years ago if this was as serious of a problem as some are making it seem.
 
#100
#100
utvolpj said:
link to complete article

At Tennessee, Big Orange battles red ink - SportsBusiness Daily | SportsBusiness Journal | SportsBusiness Daily Global
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KBVol said:
Wow! And why the hell are releasing this type of negative information about our athletic department the week before national signing day? I know most recruits probably don't understand an interest payment from their own arse, but why leak this out now? We need as much positive right now as possible not this.....
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I don't know why anyone is shocked or acting like they didn't know this already.

GoVolsExtra and ESPN were reporting on this all the way back in August of last year; and people were alluding to it and linking the articles in every thread about firing Dooley and hiring Gruden.

Tennessee Volunteers athletic department posts $3.98 million deficit - ESPN

I don't know how this is news to anyone except Sports Business Journal... it's probably not news to them either; they probably just plagarized all the other articles out there.
 
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