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Tennessee To Reinvest In Athletics

University of Tennessee Chancellor Jimmy Cheek announced Tuesday the school will reinvest $18 million over the next three years into the athletic department.

Here is the statement from Cheek:

“As we face a transition in our football program, I want to make it clear that we support a mission of comprehensive excellence in our athletics department. Under the leadership of Vice Chancellor and Athletics Director Dave Hart, we will do the things required to return our team to national prominence. As we begin our search for a new coach, I have assured Dave that he will have the support and resources he needs to be successful.

For the next three years, the money the athletics department has contributed to the campus will be reinvested in the athletics department. Relieving athletics of this commitment will allow the department to add an average of $6 million per year to its bottom line for a total of $18 million over three years.

The money was committed under different circumstances and we now need to allow athletics to use these dollars to attain financial stability and invest in the future.

Most of this money has been used for scholarships and fellowships. We will continue to honor these commitments, primarily through private gifts. Let me emphasize, we will not reduce our commitment to students.

I know that winning championships and competing at the highest level lifts the national profile of the University of Tennessee. As chancellor, I am committed to winning both on the field and in the classroom.”

 

 


7 comments
NatanElias
NatanElias

This is a shell game.  The AD keeps the funds; the boosters give to the 'academic' side and get tax deductions.  

GregPomeroy
GregPomeroy

So UT's academic side will be paying Dooley's 5 million dollars.  The athletic department  is the poorest of the poor in the SEC.  They didn't have the money to pay him.  And if the big wig donors don't opens their wallets, they won't have the money to pay their next coach either.

bvkv09
bvkv09

 @GregPomeroy you are absolutely clueless. 

GregPomeroy
GregPomeroy

 @bvkv09   This is all well documented.

 

http://www.wrcbtv.com/story/20152149/tennessee-takes-step-to-solve-budget-problems

 

"The department is trying to improve its financial situation after reporting a $3.98 million deficit for the 2011-12 fiscal year The move should aid athletic director Dave Hart in his search for a football coach while also helping fund the $5 million buyout to Derek Dooley"

GregPomeroy
GregPomeroy

 @bvkv09 "We have a $1.9 million reserve, which in the SEC is unheard of," Hart said. "We compete against people who have reserves of about $50-100 million. We are in a tough position financially."

 

Poorest of the poor.

bvkv09
bvkv09

 @GregPomeroy poorest of the poor is an absolute crock. The university isn't giving any money to the Athletic department. They are simply suspending the 6 million dollar payment the AD gives to the U. One of only about 7 athletic departments that do so. 



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