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Pac-12: Coronavirus loan program to bail out ADs if football is canceled
NorthwestFresh
Member Posts: 7,972
Up to $83 million per member. 10 year loan at 3.75% interest.
https://www.mercurynews.com/2020/08/05/pac-12-rescue-operation-loan-program-would-bail-out-athletic-departments-if-football-is-canceled/
However, multiple sources indicated that not every school would make use of the loan, and some would seek substantially less than the maximum allowable. If the Pac-12 plays a full football season, the plan could be pushed aside entirely.
The idea is popular with university presidents because the loan would allow schools to bridge the coronavirus crisis without having the implement massive budget cuts that could include widespread layoffs and possibly the elimination of Olympic sports teams, which do not generate a profit.
https://www.mercurynews.com/2020/08/05/pac-12-rescue-operation-loan-program-would-bail-out-athletic-departments-if-football-is-canceled/
However, multiple sources indicated that not every school would make use of the loan, and some would seek substantially less than the maximum allowable. If the Pac-12 plays a full football season, the plan could be pushed aside entirely.
The idea is popular with university presidents because the loan would allow schools to bridge the coronavirus crisis without having the implement massive budget cuts that could include widespread layoffs and possibly the elimination of Olympic sports teams, which do not generate a profit.
Comments
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How are they going to pay it back when half the fan base will never return?
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Like I said when the lockdown was instituted the idiots that supported it had no idea of the economic devastation they were going to create. You can kiss major college athletics goodbye along with hundreds of millions in scholastic gifts. Toss in a huge loss in enrollment with the loss of tuition, especially for state schools expensive out of state tuition.MikeDamone said:How are they going to pay it back when half the fan base will never return?
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Why can’t they just hold a bake sale or a car wash like most sports teams to raise money?
https://youtu.be/Mbb1ThfMhAk
