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Interesting read...
http://www.sportsbusinessdaily.com/Journal/Issues/2013/01/28/Colleges/Tennessee.aspx
"Now, after staggering to losing football seasons in four of the last five years and seeing attendance drop to levels last seen in the 1970s, the Vols find themselves mired in more than $200 million of debt, the most in the SEC, with reserves of just $1.95 million, the least in the conference."
"Much of the department’s debt came from a series of expansions to Neyland, followed by a series of improvements in the last seven years that actually reduced capacity and created more premium spaces. Built in three phases between 2006 and 2010, those changes cost more than $130 million. The athletic department continues to investigate ways to upgrade Neyland, whether it’s more premium spaces or more chair-back seats, measures aimed at improving the fan experience and driving more revenue, while reducing capacity. Tennessee also brought in IMG Learfield Ticket Solutions to help with sales beginning in 2011."
"Tennessee’s reserves were close to $30 million about five years ago, but they’ve been depleted by those $21 million in transfers back to the university over the last three years, and $11.4 million in buyouts to fired coaches in football, basketball and baseball, as well as administrators. Hamilton walked away in 2011 with a $1.335 million buyout. None of that includes a $5 million buyout owed Derek Dooley, who was fired as Tennessee’s football coach in November, and $2 million to his assistants. That $7 million will have to be found in this year’s budget"
"Attendance dropped to an average of 89,965 in 2012, the lowest since 1979. A couple of late-season games against Troy and Kentucky reportedly drew about 60,000 actual fans in the stands, even though the announced attendance — or tickets sold — was a little more than 81,000."
http://www.sportsbusinessdaily.com/Journal/Issues/2013/01/28/Colleges/Tennessee.aspx
"Now, after staggering to losing football seasons in four of the last five years and seeing attendance drop to levels last seen in the 1970s, the Vols find themselves mired in more than $200 million of debt, the most in the SEC, with reserves of just $1.95 million, the least in the conference."
"Much of the department’s debt came from a series of expansions to Neyland, followed by a series of improvements in the last seven years that actually reduced capacity and created more premium spaces. Built in three phases between 2006 and 2010, those changes cost more than $130 million. The athletic department continues to investigate ways to upgrade Neyland, whether it’s more premium spaces or more chair-back seats, measures aimed at improving the fan experience and driving more revenue, while reducing capacity. Tennessee also brought in IMG Learfield Ticket Solutions to help with sales beginning in 2011."
"Tennessee’s reserves were close to $30 million about five years ago, but they’ve been depleted by those $21 million in transfers back to the university over the last three years, and $11.4 million in buyouts to fired coaches in football, basketball and baseball, as well as administrators. Hamilton walked away in 2011 with a $1.335 million buyout. None of that includes a $5 million buyout owed Derek Dooley, who was fired as Tennessee’s football coach in November, and $2 million to his assistants. That $7 million will have to be found in this year’s budget"
"Attendance dropped to an average of 89,965 in 2012, the lowest since 1979. A couple of late-season games against Troy and Kentucky reportedly drew about 60,000 actual fans in the stands, even though the announced attendance — or tickets sold — was a little more than 81,000."
