Warde Manuel facing revenue challenges at Michigan

[LoyalFanCT]

Maybe former UConn Athletic Director Warde Manuel is not as big of a "rock star" as some have suggested. A new report says the University of Michigan athletic department -- his new home -- "sits atop $240 million in debt." That's despite huge attendance at games and a national brand for the team.

Crain's Detroit Business : Subscription Center

 

[BlueMAB]

Warde was hired 1/29/16

From your link:

Major athletic projects that account for the $240 million in athletic department debt. Interest payments on that debt are not included:

Donald R. Shepherd Softball Center
Budget: $5.3 million
Current debt: $3.4 million
Project: Construction of a 10,200-square-foot softball facility that includes player and coach locker rooms, staff offices, a team meeting room, athletic medicine and fitness spaces, hydrotherapy pools and support space.
Status: Completed in 2014

Michigan Stadium
Budget: $226 million
Current debt: $129 million
Project: A 400,000-square-foot addition of two multi-story masonry structures on both the east and west sides of the stadium includes 83 suites and 3,000 club seats, other improvements.
Status: Completed in 2011

Al Glick Field House
Budget: $26.1 million
Current debt: $10.1 million
Project: A new 104,000-square-foot field house for the football team, along with 3,000 square feet of renovated space in the Schembechler Hall locker room.
Status: Completed in 2009

William Davidson Player Development Center
Budget: $23.2 million
Current debt: $17.4 million
Project: A 57,000-square-foot facility for the men's and women's basketball teams built adjacent to Crisler Arena.
Status: Completed in 2011

Crisler Center
Budget: $52 million
Current debt: $37.9 million
Project: Renovation of arena infrastructure and replacement of seating, and new construction of about 63,000 square feet for new spectator entrances, retail space, ticketing areas and private club space.
Status: Completed in 2013

Stephen M. Ross Athletic South Competition and Performance Complex
Budget: $168 million
Current debt: $33.5 million
Project: Construction of 280,000 square feet of space for the future home for men's and women's track and field, cross country, lacrosse, soccer, and women's rowing teams. Much of the funding will come from the $100 million donation from alumnus Stephen Ross.
Status: Estimated completion in winter 2018

See renderings of Michigan's new $168 million Stephen Ross Athletic Complex - project approved in 2015.

Source: University of Michigan

Every single project was either completed, or in the works prior to Manuel even being hired. But yeah, donuts is what kept us out of the ACC.

 

[SAMCRO]

Fire Warde... can't believe he accumulated $240M in debt in a year.. he must really suck.

#monitoring
#donuts
#pina colada's

 

[huskymedic]

 

[Excalibur]

The only thing that this demonstrates is how surprised these athletic departments are going to be when the revenue from their next TV contracts drops by 1/3.

 

[uconnphil2016]

He could make some of that $ up by canning Harbaugh and hiring Diaco on the cheap!

 

[freescooter]

Maybe he can get Nike to redesign the uniforms. Dump the wings and replace them with little wolverine eyes.

Look managing your budget is part of the job. This is perfectly reasonable to question his management abilities.

 

[BlueMAB]

Look managing your budget is part of the job. This is perfectly reasonable to question his management abilities.

Sure, question how he manages the debt going forward.

But anyone criticizing him for Michigan having $240 million worth of debt, when 100% of it was approved before he was even hired, is basically a clown.