The major reason for the Maryland athletics' budget gap is a massive decline in football profits, according to a report by Liz Clarke of the Washington Post. While the football team still technically makes money, its profit has fallen nearly 50 percent in the last five years, thanks to poor performance and stadium upgrades that have not paid off.
In fiscal year 2006, the Terps' football program made $3.5 million, according to the report. That number fell to $1.8 million in fiscal year 2010. The median profit of schools that actually make money off football is $9.1 million.
While the football profit is not the only thing causing Maryland's budget shortfall, it's the biggest factor. One major issue is that 2007 renovations on Byrd Stadium have proved to be a drain on the budget. The university borrowed money to finance the renovation, thinking increased attendance would allow it to make the money back. Attendance has instead fallen, so the athletics department is stuck with a lot of debt.
For more on the Terps, visit Testudo Times.