Virginian Pilot
Old Dominion athletics faces drastic cost-cutting measures to remain financially solvent, study says
excerpt:
...Among the other conclusions in the study are:
Old Dominion athletics faces drastic cost-cutting measures to remain financially solvent, study says
excerpt:
...Among the other conclusions in the study are:
- Joining Conference USA, which ODU did in 2013, has cost the school “a minimum of $2 million annually.” The study cites the departures of Memphis, Southern Methodist, Houston, Central Florida, Tulane and East Carolina as being damaging to the conference’s national profile.
- C-USA, which is based near Dallas and has teams as far west as El Paso, Texas, estimates it will give $1 million less to member institutions this year than in years past.
- The cancellation of the 2020 NCAA basketball tournament due to the coronavirus will result in the loss of $867 million, 60% of which is divided among member institutions. The impact will be especially jarring for mid-majors like ODU, which rely on that revenue each year.
- Revenue from ticket sales, gifts and corporate sponsorships is projected to be reduced by a minimum of 20% in college athletics, which for ODU would be $1.5 million.
- The NCAA’s recent decision to grant additional eligibility to athletes in spring sports who had their 2019-20 seasons cut short due to coronavirus concerns will cost ODU approximately $500,000.
- Among the scenarios examined regarding the 2020 football season: the possibility of playing games before no fans; the possibility of a partial cancellation of the season; and the possibility of canceling of the entire season. “The cancellation of the football season would create a major shortfall in football ticket sales revenues, priority seat gift requirements, corporate sponsorships and potentially television and bowl revenues to … C-USA,” according to the study. “All schools must be prepared for partial or total interruption of the 2020 football season.”
- ODU needed to reduce men’s athletic scholarship money by $250,000 to comply with Title IX, which requires judicious opportunities for female athletes.