They are going to lose $100m in revenue and run a deficit of $60-$75m. They are dropping Men's Gymnastics, Men's and women's swimming and diving, and men's tennis. Seems like the men drew the short stick this year.
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And almost all the women’s sports that are money pits - but that won’t happenPenn State should drop Men's gymnastics,Men's Volleyball and fencing as a start.
I feel safer now.
Male sports draw the short stick when it comes to cuts every yearThey are going to lose $100m in revenue and run a deficit of $60-$75m. They are dropping Men's Gymnastics, Men's and women's swimming and diving, and men's tennis. Seems like the men drew the short stick this year.
They are going to lose $100m in revenue and run a deficit of $60-$75m. They are dropping Men's Gymnastics, Men's and women's swimming and diving, and men's tennis. Seems like the men drew the short stick this year.
Iowa should have dropped wrestling since they are no longer relevant!
The only place money doesn’t seem to matter is Title IX.And almost all the women’s sports that are money pits - but that won’t happen
Was only a matter of time before schools around the country start doing this. Will PSU have to chop any sports from their 31 teams?
It seems to me the big, required future investment in swimming may drive a similar decision at PSU.
They are going to lose $100m in revenue and run a deficit of $60-$75m. They are dropping Men's Gymnastics, Men's and women's swimming and diving, and men's tennis. Seems like the men drew the short stick this year.
I have been told Penn State is about to do the same and more. Very low revenue, very high facility and travel costs.
Can we give these sports one year off, not 100% axe them? Money men discuss.
With the individual sports, you are already saving money with no travel and basically no recruiting. Might be some savings with reduced maintenance on facilities. No matter what you do, you are still paying for the scholarships and coaches salaries.Can we give these sports one year off, not 100% axe them? Money men discuss.
Biggest line item saving would be travel. Ain't getting ya much.
My first target would be administrative comp, all $22mm of it.
Would love to know the ROI on that $22mm.
Are facilities maintenance costs credited as expenses against the sport that uses the facility? i.e. if the NCAA financial report says that swimming has an annual $1M in expenses and $500k in revenues, are the costs to maintain the Natatorium included in those expenses? Or does it get lumped into general athletic expenses? Same with Jeffrey Field, or Lubrano Park, etc.I have been told Penn State is about to do the same and more. Very low revenue, very high facility and travel costs.
Impossible to tell because there’s no standard accounting method used by the NCAA. It could also fall under the university budget because they use the facility for aquatics programs and classes.Are facilities maintenance costs credited as expenses against the sport that uses the facility? i.e. if the NCAA financial report says that swimming has an annual $1M in expenses and $500k in revenues, are the costs to maintain the Natatorium included in those expenses? Or does it get lumped into general athletic expenses? Same with Jeffrey Field, or Lubrano Park, etc.
So that’s.5% savings. Let’s cut cut all faculty. Close the Commonwealth Campuses, Retain enough faculty to run the Penn State Virtual Global Campus. Now that’s a real savings or we can have fall sports and fire Warren and the Presidents that voted against football. TICSwimming and Diving is a bit of a questionable one - it loses money, sure (all sports other than football and mens basketball do - and PSU hockey), but the comparative impact gets spread out pretty thin because swimming rosters are a whole lot bigger. Same with track/XC.
Men's tennis makes some degree of sense - at Penn State at least, there are 12 mens tennis players, 19 mens gymnasts, and 33 womens swimmers and divers, even though all three sports lose about $500,000. But at least if you cancel both mens and womens swimming and diving, you can furlough the coaching staff and save some money; I presume that if you just cut mens tennis and keep the womens team, you're not saving anything in terms of coaching salaries.
This year? Try every year, due to Title IX.They are going to lose $100m in revenue and run a deficit of $60-$75m. They are dropping Men's Gymnastics, Men's and women's swimming and diving, and men's tennis. Seems like the men drew the short stick this year.
I was waiting for it lmfao. But then who would we beat up on every year. Eat it turkIowa should have dropped wrestling since they are no longer relevant!
Are facilities maintenance costs credited as expenses against the sport that uses the facility? i.e. if the NCAA financial report says that swimming has an annual $1M in expenses and $500k in revenues, are the costs to maintain the Natatorium included in those expenses? Or does it get lumped into general athletic expenses? Same with Jeffrey Field, or Lubrano Park, etc.
Are facilities maintenance costs credited as expenses against the sport that uses the facility? i.e. if the NCAA financial report says that swimming has an annual $1M in expenses and $500k in revenues, are the costs to maintain the Natatorium included in those expenses? Or does it get lumped into general athletic expenses? Same with Jeffrey Field, or Lubrano Park, etc.
You just can’t borrow from an endowment because much of it is restricted and can only used for specific purposes. Sure you could delay certain facility expenditures but many can’t be stopped mid project. In addition many will still need to be done so eventually you will still need pay for it.Why not put all facilities expenditures on hold and use that money to weather the storm.
Borrow money from endowment and keep the programs intact.
Joe would be hitting alumni base for contributions to cover shortfall.
We have a lot of bright creative people surely they can help craft a plan that does not include dropping the non revenue sport you or I dislike.
Amortize the bad year over 5 or 10 years