Except salaries do not stop being paid.
LdN
No, of course not. But like I said, closer to zero than $160 million. I didn't say zero.
the school has a $5 billion budget and can absorb it for one season
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Except salaries do not stop being paid.
LdN
No, of course not. But like I said, closer to zero than $160 million. I didn't say zero.
the school has a $5 billion budget and can absorb it for one season
I think you have it reversed.
If past policy holds, the school will have the Athletic Department borrow to fund the deficit. It will take years, or some serious financial restructuring, to pay that off.
If they only had Barron's new Art Museum open, all would be well. The hundreds of thousands of tourists drawn to the one of a kind facility would easily have offset the lost football revenue.CBS Reports: Power 5 AD’s: ‘Inevitable’ 2020 College Football Season will not be played this fall according to 2 Power 5 AD’s — Neither would go on the record due to the sensitivity.
Penn State Athletics is staring at a $100 Million Dollar Loss for 2020 and the ripple effect to Happy Valley is Catastrophic for the State College Business Community.
In 2019, PSU Athletics spent ~$160 Million and at
best showed a profit of ~ $4 Million. That’s in Good Times. The Year of 2020 is a Disaster.
The Snowball effect will mean Layoffs (or worse) at Penn State.
Even if there is Spring Football it’s hard to imagine that football teams would play a 10 game schedule—not to mention that that it would be ~ an 8 Month Long Wait— I hope I’m wrong.
Financially, the State College Community is in dire shape. After COVED, Lockdown, a summer without all sports and activities, Arts Festivals, Sports Camps, Fairs and many other events — It’s difficult to be positive.
Stay tuned ...
ok. so what? the athletic department is in reality part of the school, so it's all basically a shell game.
This would be interesting to some bean counter but not to a normal human
Except salaries do not stop being paid.
LdN
Except when the University can no longer say that "no tuition dollars or state go to running that Athletic Department." Ask the President and AD of Rutgers how much easier life would be if they didn't have to explain the department deficit to Trenton each year. It's not as if Fats has fun squeezing more dollars from Harrisburg.
Well I thought that's why they came up with the entire loan-payback thing to begin with. They went down this road 8 years ago
Maybe this will have the lasting effect of stopping the absurd billion dollar rebuild of Beaver Stadium. Not sure that's bad
One would think that after the Sandusky near death experience, however unfair, that the whiz kids at PSU would have realized Happy Valley is a one horse show, and decide to diversify. Instead of attracting a business community it "invested" in foreign exchange students who paid full tuition and new housing for them. When we recover, I hope PSU returns to smaller, more Pennsylvania centric university.
And I am fairly sure they are still honoring scholarships, so they also still have to be paid out.
Cost structure was a lot smaller eight years ago.
Athletic Department had larger issues than this with financing its capital expenditure plans.
I say let it fail and start over. College sports became absurd over the last 20 years. A bubble that had to pop one day
And please ignore the politicians and close some branch campuses. It's beyond antiquated at this point
Penn State needs to do eliminate fifteen, if not more, athletic programs. Any program that does not turn a profit or at very least breaks even, should be on chopping block. Nothing wrong with having those programs become club sports. Makes no sense having 27 sports programs of which 20 plus lose money.
That would be all but 2 programs btw, but then you'd need to keep a bunch of women's programs due to title 9Penn State needs to do eliminate fifteen, if not more, athletic programs. Any program that does not turn a profit or at very least breaks even, should be on chopping block. Nothing wrong with having those programs become club sports. Makes no sense having 27 sports programs of which 20 plus lose money.
That would be all but 2 programs btw, but then you'd need to keep a bunch of women's programs due to title 9
is the 3rd wrestling or WBB?Three, but even if the rest were eliminated, it would just be the tip of the iceberg.
is the 3rd wrestling or WBB?
Men's hockey. Wrestling runs one of the larger deficits, second only to WBB, which is by far the biggest suck at over $5mm p.a.
.That would be all but 2 programs btw, but then you'd need to keep a bunch of women's programs due to title 9
Men's hockey. Wrestling runs one of the larger deficits, second only to WBB, which is by far the biggest suck at over $5mm p.a.
FIRE RUSS!According to PSU's filings, Wrestling is #11th on the biggest loser list, not 2nd. They ran a deficit of $710k. Women's volleyball is #2
Great. Let's start w/ women's basketball and softball.Penn State needs to do eliminate fifteen, if not more, athletic programs. Any program that does not turn a profit or at very least breaks even, should be on chopping block. Nothing wrong with having those programs become club sports. Makes no sense having 27 sports programs of which 20 plus lose money.
CBS Reports: Power 5 AD’s: ‘Inevitable’ 2020 College Football Season will not be played this fall according to 2 Power 5 AD’s — Neither would go on the record due to the sensitivity.
Penn State Athletics is staring at a $100 Million Dollar Loss for 2020 and the ripple effect to Happy Valley is Catastrophic for the State College Business Community.
In 2019, PSU Athletics spent ~$160 Million and at
best showed a profit of ~ $4 Million. That’s in Good Times. The Year of 2020 is a Disaster.
The Snowball effect will mean Layoffs (or worse) at Penn State.
Even if there is Spring Football it’s hard to imagine that football teams would play a 10 game schedule—not to mention that that it would be ~ an 8 Month Long Wait— I hope I’m wrong.
Financially, the State College Community is in dire shape. After COVED, Lockdown, a summer without all sports and activities, Arts Festivals, Sports Camps, Fairs and many other events — It’s difficult to be positive.
Stay tuned ...
Don't stop in Hazelton to take a leak. The cases have been blowing up there lately.Beware!
I bear more grudges —
Than lonely high court judges.
I will creep into your thoughts —
Like a bad debt —
That you can’t pay.
Take the easy way — and give in.
IT’’S WAR!
On my way to Scranton... and then back to Happy Valley — D-Day for the Students soon
Beware!
On my way to Scranton... and then back to Happy Valley — D-Day for the Students soon
"I just meant that Penn State should cut the sports I don't care about!"Men's hockey. Wrestling runs one of the larger deficits, second only to WBB, which is by far the biggest suck at over $5mm p.a.
CBS Reports: Power 5 AD’s: ‘Inevitable’ 2020 College Football Season will not be played this fall according to 2 Power 5 AD’s — Neither would go on the record due to the sensitivity.
Penn State Athletics is staring at a $100 Million Dollar Loss for 2020 and the ripple effect to Happy Valley is Catastrophic for the State College Business Community.
In 2019, PSU Athletics spent ~$160 Million and at
best showed a profit of ~ $4 Million. That’s in Good Times. The Year of 2020 is a Disaster.
The Snowball effect will mean Layoffs (or worse) at Penn State.
Even if there is Spring Football it’s hard to imagine that football teams would play a 10 game schedule—not to mention that that it would be ~ an 8 Month Long Wait— I hope I’m wrong.
Financially, the State College Community is in dire shape. After COVED, Lockdown, a summer without all sports and activities, Arts Festivals, Sports Camps, Fairs and many other events — It’s difficult to be positive.
Stay tuned ...
PSU lost $200m because of how they managed the Sandusky scandal. The BOT probably thinks what's another $100m?
Fungible pocket change.PSU lost $200m because of how they managed the Sandusky scandal. The BOT probably thinks what's another $100m?
Especially if they send the students home. PSU Football economic impact on the State of Pa is $200+ million! SC will limp to the end of the year if the governor doesn’t loosen his indoor meeting capacity of 25. The area can’t host youth tournaments at that level and many want to come to HV!The economic impact to State College is going to be many multiples of $100m.