Maryland Athletic Department Reportedly $83 Million In Debt

Maryland president Wallace Loh has formed a commission to try to find areas where Maryland's athletics budget issues can be fixed. The department is $83 million in debt, according to a report.

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Mark Turgeon, Randy Edsall Bear Responsibility For Turning Maryland's Finances Around

Mark Turgeon and Randy Edsall are new to an athletic department that is $83 million in debt. Even though they just got here, it will be on them to right the ship.

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Maryland Athletic Department Reportedly $83 Million In Debt

The University of Maryland has launched an investigation into it's Athletic Department, and the way in which they balance their budget because they are reportedly $83 million in debt, according to Steve Yanda of the Washington Post. The big issue that faces the Athletic Department is how they balance the budget each year, and the management of a fund that houses all of their donations.That whole article is worth a read, but the most interesting part to me is about how they got to this amount of debt.

“I can just tell you — and I’m not throwing anybody under the bus and I’m not trying to make a bad comment — but I think there has long in this industry been a philosophy of ‘Get me through the next 10 years and then it’s somebody else’s problem,’ ” (Deputy Athletic Director Randy) Eaton said. “Things that we’re no longer doing here.”

I don't care what he says in the beginning of that statement, it sure sounds like he is throwing former Athletic Director Debbie Yow under the bus. It is good that they aren't doing the practices anymore that led them into this area of debt, but this is still a bad place for them to find themselves in, particularly after spending a lot of money on new coaches over the past year.

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Maryland President Wallace Loh Forms Commission To Study Maryland Athletics' Budget

The office of Wallace Loh, the President of the University of Maryland, issued a statement on Tuesday announcing the formation of the President's Commission on Intercollegiate Athletics. The commission will be charged with finding areas in which the Maryland athletic department can cut costs and increase revenue.

Maryland athletics have lost money during the recent economic downturn and have begun to deplete their reserve funds. The commission is intended to make the athletic department profitable once more. 

By November 15, the commission will submit its report to Maryland's administration and Athletic Director Kevin Anderson. After that, the timeline will go as follows: 

  • By December 1, 2011, Director Anderson submits to [the University's Athletic Council] and to [the president's] office his response to the Commission's report.
  • By December 15, 2011, UAC submits to my office its response to both the Commission's report and Director Anderson's response.
  • By December 31, 2011, I announce my decisions, informed by these submissions and any further consultations, as appropriate, with various constituencies. The Commission's report and the requested responses will be made public.
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