In a press conference today, Maryland Terrapins athletic director Kevin Anderson laid out the near future for the university's athletic department, stating that the ultimate goal is to have the athletic budget balanced by 2015.
Anderson says dept. looking to balance budget in 2015, based on strategic plan being developed.— Terrapins Insider (@TerpsInsider) July 2, 2012
He also expressed his deep regret at being forced to cut seven varsity sports, effecting 131 student-athletes. He also claims that he wound up losing sleep over the decision to cut them.
Anderson: Today is bittersweet. I didn't come to Maryland to cut sports.— Terrapins Insider (@TerpsInsider) July 2, 2012
Anderson: People ask me what keeps me up at night, and this keeps me up at night....One of the most difficult things I've ever experienced.— Terrapins Insider (@TerpsInsider) July 2, 2012
Anderson was clear in his press conference that the University would not be seeing any instant savings from the elimination of these sports. This is because that the University will continue to honor the scholarships of the students that choose to return and they will also honor the contracts of the coaches of the teams that were cut.
Cutting seven sports will lead to "incremental" savings, because scholarships and coaches' contracts still being honored.— Terrapins Insider (@TerpsInsider) July 2, 2012
Anderson says dept. won't see true savings until 3-4 years down the road.— Terrapins Insider (@TerpsInsider) July 2, 2012
Right now, 75 now-former student-athletes at Maryland will be returning to school this fall. The men's track and field team, which saved itself from being cut by raising $888k, will have to raise $1.88 million by the end of the year to save themselves fully.
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