Arizona Wildcats Are In Trouble Due To Incompetent Financial Modeling

At the height of the epidemic, Arizona’s sports department received a $55 million loan, which hasn’t been repaid “fast enough,” according to the Arizona Daily Star.

Arizona Wildcats Are In Trouble Due To Incompetent Financial Modeling

The department’s financial difficulties are a result of a larger university-wide budget deficit.

Arizona has over a hundred million dollars in funding for its twenty sports teams. Robbins has said that giving up athletics is a possibility.

“Everything is on the table in terms of dealing with athletics,” Robbins said, according to the Daily Star. “This is an issue that’s going to require a lot of tough decisions.”

A $240 million gap is astounding, and it is astounding how much financial stupidity it takes to make a mistake that big.

“Clearly this is a major problem. I obviously take it very seriously,” Robbins told Tucson.com. No kidding.

“I did know we were spending money, but I thought we had reserves to spend money on,” he said. “But this is a big miscalculation.”

“How can it be that you were not in the know for such a long time?” said one UA engineering professor. “Your subordinate officers have an obligation to inform you, not on a monthly or quarterly basis, they have an obligation to inform you literally on a daily if not hourly basis if things like this transpire.”

The athletic department at the University of Arizona is having financial difficulties in advance of its transition from the Pac-12 to the Big 12.

In a conference with the board of regents on November 2, university president Robert C. Robbins admitted that sports was not generating the money anticipated in the wake of the COVID-19 outbreak.

A few departments at the university are having difficulties, athletics being one of the worst, according to Robbins.

Arizona is one of four universities that will transfer from the Pac-12 to the Big 12 in the next academic year, along with Arizona State, Utah, and Colorado.

The whole sports department’s yearly budget is $100 million, thus to close the enormous deficit, many teams may have to be axed.

Furthermore, because of Title IX requirements, men’s programs are frequently the first to be eliminated when athletic departments have to make cuts.

Athletic departments frequently have budgetary difficulties. However, this “mistake’s” scope is almost unheard of.

It will take a very long time to make up that gap, even with entering the Big 12 and the higher financial payouts.

 

 

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