Canceled Fall Sports Could Cost University of Michigan Over $56 Million Dollars
“In our last fiscal year, spectator admissions to athletic events totaled $56.6 million. That could theoretically go to zero without us hosting any events”
College sports generate big money. This is going to hurt a lot of schools this fall.
University of Michigan stands to lose at least $56.6M from canceled fall sports, officials say
The University of Michigan athletic department could lose $56.6 million if the university is unable to host any athletic events due to the coronavirus pandemic, officials said Tuesday.
And that’s without television and other media revenues factored in.
Officials from the Big Ten and college football leaders have reportedly canceled the fall sports season and will attempt to play in the spring. While there are still many unknowns — like whether other fall sports will be canceled — it would still be a massive blow to Michigan Athletics if they are unable to have any fans in the stands.
“In our last fiscal year, spectator admissions to athletic events totaled $56.6 million. That could theoretically go to zero without us hosting any events,” said associate athletic director Kurt Svoboda.
Svoboda was not able to provide how much revenue is made from spectator admissions at football games, but he said the $56.6 million could be more or less depending on what season ticket holders and donors choose to do with their existing tickets. Athletic Director Warde Manuel emailed fans Thursday and asked fans who previously paid for football tickets and a personal seat license to convert those payments to a tax-deductible gift to help the department navigate “an unparalleled level of financial uncertainty.”
Manuel presented a department budget proposal at a June 25 Board of Regents meeting that called for a $26.1 million deficit next year, impacted by an anticipated drop of more than $50 million in operating revenue from 2019-20.
Donations tax deductible
to the full extent allowed by law.
How sad. /yawn
Actually, the loss is less as due to social distancing requirements, only about 27,000 could attend home games.
Big 10 institutions are betting that they will be able to play before much larger crowds with spring football.
“$56 Million Dollars”
So, that would be 56 million dollars dollars?
Yes. It is a repetitive reduncancy saying the same thing twice at the same time, together, simultaneously. Again.