“Stunning” — that is Indian University professor Murray Sperber’s pithy summation of the depth of the financial losses associated with college athletics, per the recent NCAA document, “2004-06 NCAA Revenue and Expenses of Division I Intercollegiate Athletics Program Report.” The fantasy is over: big-time college sports lose big-time money. Period. End of story. And that hurts education. As Sperber writes in The Chronicle of Higher Education, “The reality, which the NCAA now acknowledges, is that institutional subsidies for intercollegiate athletics usually come out of funds that could go to academic purposes.”
Says Sperber: “The seas of athletics-department red ink are growing as fast as the oceans are rising from melting polar ice caps.”
Question: why hasn’t Rutgers reported on exactly how much money it loses on football?
Why are these numbers top secret?
There is no doubt that Rutgers has lost tens of millions of dollars on football in the past two decades — but are the losses even steeper?
As a first step in bringing transparency to Rutgers finances, McCormick-Mulcahy owe it to the university community — and to the state’s taxpayers who are left holding this expensive sack — to honestly report the scope of the losses on football.
Step two is to present a coherent plan for ending those losses — but our advice is, don’t hold your breath on that one. There is no plan. Not even a dream. The losses are forever…just as Rutgers’ academics continue to plummet.
Thanks to a reader for sending up a pointer to Sperber’s column. Tips are appreciated. Send them here.