"An inheritance gained hastily at the beginning
Will not be blessed at the end."
Last Friday, the Statesman published a report on the financial state of UT athletics that won't surprise anyone familiar with how that institution treats money.
Still, even by UT standards, a few aspects stood out.
Yes, Texas takes in eye-popping revenues, but the department also racks up incredible expenses — almost $30 million more than anyone else.And how, pray tell, do they rack up expenses on that level?!?
About one-quarter of the athletic department’s 318-person staff makes more than $100,000 annually.Finally...THIS one:
Where does all of UT’s money go? Before a single athlete stepped on the field, UT owed $25.7 million in debt service and facility rental payments, according to audited figures. Former athletic director DeLoss Dodds financed the expansion of Royal-Memorial Stadium through long-term debt; UT athletics still owes $218 million in debt payments through 2044.Seriously, do read the whole thing here.
[Author's Note: Emphasis added.]