Meanwhile, across the Bay - Printable Version
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Meanwhile, across the Bay - BostonCard - 10-04-2016
http://www.mercurynews.com/2016/09/30/cal-athletics-20-million-question-will-sports-need-to-be-axed/
Quote:A soaring deficit has placed Cals athletics program in the universitys cross hairs and prompted the creation of a task force to determine whether the department, which is losing approximately $20 million per year, is sustainable in its current form.
The 30-sport behemoth is caught between the rising costs of major college athletics and the massive debt service it owes on the Memorial Stadium renovation project.
Although the books for the 2016 fiscal year have not been audited, the Bears are projecting a single-year loss of $21.76 million, according to documents obtained by this newspaper.
Thats approximately 15 percent of the universitywide budget deficit of $150 million.
And the projections for 2017 are nearly as dire for the Bears: An $18.8 million deficit.
and the following follow-up
http://www.mercurynews.com/2016/10/04/college-hotline-on-cals-22-million-hole-ias-future-not-naming-names-revenue-comps-reckless-spending-and-more/
Oh man, things are not looking good financially. Perhaps we should change the autocorrect to reflect their financial irresponsibility... though their football futility is good fodder too.
BC
Meanwhile, across the Bay - BostonCard - 10-04-2016
http://www.mercurynews.com/2016/09/30/cal-athletics-20-million-question-will-sports-need-to-be-axed/
Quote:A soaring deficit has placed Cals athletics program in the universitys cross hairs and prompted the creation of a task force to determine whether the department, which is losing approximately $20 million per year, is sustainable in its current form.
The 30-sport behemoth is caught between the rising costs of major college athletics and the massive debt service it owes on the Memorial Stadium renovation project.
Although the books for the 2016 fiscal year have not been audited, the Bears are projecting a single-year loss of $21.76 million, according to documents obtained by this newspaper.
Thats approximately 15 percent of the universitywide budget deficit of $150 million.
And the projections for 2017 are nearly as dire for the Bears: An $18.8 million deficit.
and the following follow-up
http://www.mercurynews.com/2016/10/04/college-hotline-on-cals-22-million-hole-ias-future-not-naming-names-revenue-comps-reckless-spending-and-more/
Oh man, things are not looking good financially. Perhaps we should change the autocorrect to reflect their financial irresponsibility... though their football futility is good fodder too.
BC
Re: Meanwhile, across the Bay - OutsiderFan - 10-04-2016
It's hard for me to comprehend how the debt service on the stadium is counted against the athletic department's budget. I wonder how many other schools do their accounting this way.Â
That said, Cal does have too many sports and definitely needs to trim some.Â
Re: Meanwhile, across the Bay - OutsiderFan - 10-04-2016
It's hard for me to comprehend how the debt service on the stadium is counted against the athletic department's budget. I wonder how many other schools do their accounting this way.Â
That said, Cal does have too many sports and definitely needs to trim some.Â
Re: Meanwhile, across the Bay - 82lsju - 10-04-2016
what will be interesting to watch is if the TV money continues to have a big increase in each new contract. If that gravy train slows down lots of programs will be in financial trouble.
Re: Meanwhile, across the Bay - 82lsju - 10-04-2016
what will be interesting to watch is if the TV money continues to have a big increase in each new contract. If that gravy train slows down lots of programs will be in financial trouble.
Re: Meanwhile, across the Bay - Roberton3 - 10-04-2016
(10-04-2016, 01:28 PM)OutsiderFan link Wrote:It's hard for me to comprehend how the debt service on the stadium is counted against the athletic department's budget. I wonder how many other schools do their accounting this way.Â
The stadium is a sports facility. Where in the budget would you count it?
Re: Meanwhile, across the Bay - Roberton3 - 10-04-2016
(10-04-2016, 01:28 PM)OutsiderFan link Wrote:It's hard for me to comprehend how the debt service on the stadium is counted against the athletic department's budget. I wonder how many other schools do their accounting this way.Â
The stadium is a sports facility. Where in the budget would you count it?
Re: Meanwhile, across the Bay - 2006alum - 10-04-2016
(10-04-2016, 01:43 PM)Roberton3 link Wrote:[quote author=OutsiderFan link=topic=15854.msg174713#msg174713 date=1475612935]
It's hard for me to comprehend how the debt service on the stadium is counted against the athletic department's budget. I wonder how many other schools do their accounting this way.Â
The stadium is a sports facility. Where in the budget would you count it?
[/quote]
+1. No one on campus cares about it for any reason other than sports. Maybe, maybe for commencement, but that's it. And I'm pretty sure they could find someplace else to hold that. Also, it's literally built on a fault line. It's a beautiful location and a wonderful stadium, but it will literally crack in half next time there's a quake on that fault. A questionable use of funds all the way around...
Re: Meanwhile, across the Bay - 2006alum - 10-04-2016
(10-04-2016, 01:43 PM)Roberton3 link Wrote:[quote author=OutsiderFan link=topic=15854.msg174713#msg174713 date=1475612935]
It's hard for me to comprehend how the debt service on the stadium is counted against the athletic department's budget. I wonder how many other schools do their accounting this way.Â
The stadium is a sports facility. Where in the budget would you count it?
[/quote]
+1. No one on campus cares about it for any reason other than sports. Maybe, maybe for commencement, but that's it. And I'm pretty sure they could find someplace else to hold that. Also, it's literally built on a fault line. It's a beautiful location and a wonderful stadium, but it will literally crack in half next time there's a quake on that fault. A questionable use of funds all the way around...
Re: Meanwhile, across the Bay - fullmetal - 10-04-2016
Speaking of quakes, there's an elevated chance of a big one right now: http://mashable.com/2016/09/30/earthquakes-california-alert/#k5LqB0JOzPqG
Re: Meanwhile, across the Bay - fullmetal - 10-04-2016
Speaking of quakes, there's an elevated chance of a big one right now: http://mashable.com/2016/09/30/earthquakes-california-alert/#k5LqB0JOzPqG
Re: Meanwhile, across the Bay - BostonCard - 10-04-2016
(10-04-2016, 01:33 PM)eric link Wrote:what will be interesting to watch is if the TV money continues to have a big increase in each new contract. IfWhen that gravy train slows down lots of programs will be in financial trouble.
Fixed it for you. We might not yet be at peak sports revenue, but the rate of growth will moderate. Too many competing interests.
BC
Re: Meanwhile, across the Bay - BostonCard - 10-04-2016
(10-04-2016, 01:33 PM)eric link Wrote:what will be interesting to watch is if the TV money continues to have a big increase in each new contract. IfWhen that gravy train slows down lots of programs will be in financial trouble.
Fixed it for you. We might not yet be at peak sports revenue, but the rate of growth will moderate. Too many competing interests.
BC
Re: Meanwhile, across the Bay - CTcard - 10-04-2016
(10-04-2016, 03:33 PM)Boston Card link Wrote:[quote author=eric link=topic=15854.msg174714#msg174714 date=1475613191]
what will be interesting to watch is if the TV money continues to have a big increase in each new contract. IfWhen that gravy train slows down lots of programs will be in financial trouble.
Fixed it for you. We might not yet be at peak sports revenue, but the rate of growth will moderate. Too many competing interests.
BC
[/quote]
Well, the current contract runs for 12 years, I think through 2024. So, for quite some time going forward what ever gravy will or will not run is set - and it is set at a level that currently has the Pac 12 very worried versus what the other leagues are now bringing in.
Re: Meanwhile, across the Bay - CTcard - 10-04-2016
(10-04-2016, 03:33 PM)Boston Card link Wrote:[quote author=eric link=topic=15854.msg174714#msg174714 date=1475613191]
what will be interesting to watch is if the TV money continues to have a big increase in each new contract. IfWhen that gravy train slows down lots of programs will be in financial trouble.
Fixed it for you. We might not yet be at peak sports revenue, but the rate of growth will moderate. Too many competing interests.
BC
[/quote]
Well, the current contract runs for 12 years, I think through 2024. So, for quite some time going forward what ever gravy will or will not run is set - and it is set at a level that currently has the Pac 12 very worried versus what the other leagues are now bringing in.
Re: Meanwhile, across the Bay - Treebound - 10-05-2016
Until UCB really focuses on generating a strong donor base for athletics, they will continue to run a large deficit. It's amazing to me that weenie alums don't step up and back their school financially. They outnumber us here in the Bay area by a large margin, but their giving history is pathetic. There were actually Stanford alums who donated to keep UCB's baseball program alive.Â
It's past time to start cutting programs. That's the sad truth, but until the entitled bunch of weenies actually start reaching into their pockets to support their own program, they get what they deserve.Â
Improving the academics of the UC system needs to be the priority.
Re: Meanwhile, across the Bay - Treebound - 10-05-2016
Until UCB really focuses on generating a strong donor base for athletics, they will continue to run a large deficit. It's amazing to me that weenie alums don't step up and back their school financially. They outnumber us here in the Bay area by a large margin, but their giving history is pathetic. There were actually Stanford alums who donated to keep UCB's baseball program alive.Â
It's past time to start cutting programs. That's the sad truth, but until the entitled bunch of weenies actually start reaching into their pockets to support their own program, they get what they deserve.Â
Improving the academics of the UC system needs to be the priority.
Re: Meanwhile, across the Bay - Phogge - 10-05-2016
I wish Stanford had their offense.
Re: Meanwhile, across the Bay - Phogge - 10-05-2016
I wish Stanford had their offense.