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Wake Athletics Financial Woes

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DeacLaw95

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Before the Covid 19 problems, the Athletic Director advised the staff(and prominent donors), at a February staff meeting, the department was going to run a deficit this fiscal year of over $10 million.

This does not include any Basketball buyouts.

I was told that the projection in April 2019 was a $3 million deficit.

If true, that size deficit would wipe out the Wake Athletics Financial reserves by multiple millions.
 
Gotta spend money to make money.
 
DeacLaw95 said:
Before the Covid 19 problems, the Athletic Director advised the staff(and prominent donors), at a February staff meeting, the department was going to run a deficit this fiscal year of over $10 million.

This does not include any Basketball buyouts.

I was told that the projection in April 2019 was a $3 million deficit.

If true, that size deficit would wipe out the Wake Athletics Financial reserves by multiple millions.
Click to expand...

Correct
 
And we named a campus street after the idiot who put us in this position.
 
Each ACC school received at least $29.5 million as part of the conference payout for FY 18. For FY 19, that number was supposed to increase to the mid $30s. That's before any other revenue source is received. Not sure what additional costs the WF athletic department would've incurred this year that would have cause the deficit to increase so significantly particularly considering there was a bump in the per school payout.
 
They get what they deserve for their past and continued incompetence. Fuck them all, let it burn.
 
How can Curry not know about the ONE BILLION IN FREE MONEY sitting in the bank!!1
 
Lol, so in addition to the Manning contract, Wellman left us with horribly mismanged finances despite the huge boosts in revenue from expansion, ACC network, etc? Sounds about right.

"That's just the way it's done in this world" -B. Niedbala

"That's life." -D. Manning
 
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So, just to clarify, you've known this since February, and you waited until the first day people thought Danny might be fired to post it? Hmmm
 
Good thing we held that meeting to get that info in front of Manning and his agent the month before we started negotiations to fire him! Nice timing Currie!
 
Most schools run a deficit. Doesn't matter. Loss leader and it's worth it for raising money for the University in general and keeping applications up.
 
macktheknife said:
Most schools run a deficit. Doesn't matter. Loss leader and it's worth it for raising money for the University in general and keeping applications up.
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Absolutely true.

With that said, not sure how the direct revenue versus direct spending deficit would've spiked this current year. Revenues increased. Unaware that a series of a balloon payments became due.
 
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