By: Dave Campbell
The University of Minnesota athletic department is projecting a $4 million deficit for the fiscal year ending on June 30. That’s out of a $123 million budget that ranks as the eighth-largest in the Big Ten conference.
Minnesota AD Mark Coyle presented the financial picture at a Board of Regents meeting conducted by video conference on Friday. In February, before the virus outbreak caused the cancellation of the NCAA basketball tournaments and a sharp decrease in revenue, the Gophers were forecasting a $1 million surplus thanks in part to a surge in football ticket sales and fundraising related to a strong 2019 season for the team.
For the next budget cycle covering the 2020-21 school year, the athletic department is bracing for a $75 million loss of expected revenue in the worst-case scenario of no fall sports and thus no televised football games. Games played without fans admitted projects to a $30 million drop in revenue. The best-case scenario of campus reopening in the fall and sports played as scheduled would bring an estimated $10 million hit. Those figures don’t account for reduced expenses in travel and other areas due to the pandemic.
*Courtesy Associated Press
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