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UT (University of Tennessee) $200 million in debt

Discussion in 'Sports and News' started by printit, Jan 28, 2013.

  1. Baron Scicluna

    Baron Scicluna Well-Known Member

    Yeah, they've already seceded once, and nearly did a second time.
     
  2. dixiehack

    dixiehack Well-Known Member

    Them Bammers are ruining our credit Pawwwwl.

    Lots of states have the "no public funds for sports" laws, and the accounting types long ago established the loopholes around that. Do you honestly think Austin Peay or ETSU is breaking even on this dog and pony show even with massive student subsidies?
     
  3. Shoeless Joe

    Shoeless Joe Active Member

    Unlikely, but hopefully today will be step in the direction of ETSU bringing back football, so then they can cook the books with the rest of them!
     
  4. LanceyHoward

    LanceyHoward Well-Known Member

    Where did the 200 million they owe come from? I doubt if the athletic department went to a bank or to the capital markets and borrowed the money, pledging athletic department revenues as colalteral. I bet they borrowed from other fund balances in other parts of the state government. Which would normally considered an expenditure of public funds.

    For example, I once worked at a county where the police department and the roads department were funded by seperate mill levies and had sepearate cash balances. But if the police departmetn had "lent" the roads department money to build roads it would have been considered an expenditure of public funds. But athletic departments play by different rules. The University of Colorado does much the same thing as Tenessee.
     
  5. micropolitan guy

    micropolitan guy Well-Known Member

    My guess is they were state-backed capital construction bonds, which are used (in my state, anyway) to build dorms, academic buildings, state office buildings, highways, etc.
     
  6. Uncle.Ruckus

    Uncle.Ruckus Guest

    Where the hell would they play? Science Hill's stadium?
     
  7. Shoeless Joe

    Shoeless Joe Active Member

    Probably to start. Supposedly looking at 2015. The students passed the fee yesterday. They've just built the soccer stadium and a new baseball stadium, so maybe they are thinking football stadium, too. I have no idea if the soccer stadium could be retrofit for both. I don't know of anywhere else on campus they could play because it's built up. I certainly hope they aren't returning to the Dome, although they do still have the turf. If they do that, what's the point?
     
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