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Message: [QUOTE="upstater, post: 5065659, member: 153"] The vast majority of P4 schools rely on the state for facility improvements. Michigan does. Texas does. Donors don't pay for stadiums, except in the case of T Boone Pickens and the $450m he donated (then rescinded because he lost all his money, only to give it again a decade later). The bonding for those projects goes through the school, not the AD. So does the debt service. You won't see debt service for facilities on the AD's balance sheet. And if donors pony up for stadiums, the money never goes to the construction of the stadium itself. Instead, it becomes athletic donor revenue. I've long said that the top programs could professionalize and use the university brand if they wanted to, but the only thing holding them back is the fact that so many universities owe hundreds of millions, if not billions, on facilities. Look at Cal-Berkeley. That's a massive hole in the budget. [/QUOTE]