“College Sports Has A Spending Problem”

That’s from the Knight Commission, which reports: “It’s clear that college sports has a spending problem that must be addressed,” said William E. Kirwan, Knight Commission co-chairman and chancellor of the University System of Maryland.  “In the aggregate, athletics spending continues to escalate while instructional spending has remained stagnant and has even decreased at many institutions.  The current economic climate and the needs of our universities require a change in this imbalance.”

And pretty much simultaneously, Big Bobby Mulcahy’s gang of money wasters in the Rutgers Athletic Dept. announced five new hires.  What is so shocking — disgusting — is that simultaneous with real decreases in spending on academics at Rutgers, spending on sports is skyrocketing.  And all those new expenditures are in the red because Rutgers has an annual loss on sports over $10 million, possibly much over.  (The University still declines to provide meaningful financial reports for the major money losers, that is, football and men’s basketball.)

Meantime, signs mount that NJ voters are sick of the state’s indebtedness (as in the $100+ million slated to be poured into the wasteful, extravagant football stadium expansion).  Per Bloomberg News`The state is seen as being overextended in its debt,” said Joseph Seneca, an economics professor at Rutgers University’s Edward J. Bloustein School of Planning and Public Policy in New Brunswick, New Jersey. …New Jersey, the 11th-largest U.S. state by population, has the third-biggest debt load relative to personal income, or $32 billion. The amount has tripled in a decade as governors sold bonds to help balance budgets and avoid tax increases. 

Consider that the unofficial RIP for the stadium expansion, particularly as experts warn that the NJ economic realities will only worsen next year.  

The only real question is why the BoG has not officially pulled the plug on the stadium expansion — and other than that the BoG is dominated by cretinous jocksniffers, we don’t have an answer.

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6 Responses to “College Sports Has A Spending Problem”

  1. John Lister says:

    College Football and Basketball have a spending problem. I see what’s left of Rutgers swimming every day and it’s a very economical sport.

  2. ferdek says:

    The BoG is delaying hoping that RU will win some more games and take the heat off of the decision. The win over Pitt who then went on to defeat Notre Dame is certainly being ruminated over by them. As long as RU can still become bowl eligible the BoG will not pull the plug…The Bloustein School should be directed to have Dr. Seneca and his colleagues do a comprehensive study of the true costs of big time athletics at RU once and for all. No more BS and arguing if the Athletic Department is in the red. RU1000 should make that investigation their highest priority.

  3. mm says:

    Correct ferdek!!!!!
    If RU gets to 7-5 or even 6-6 and gets to yet another “Who Gives a Shit Bowl” in Bogaloosa Mulcahy & McCormick & Schiano will be vindicated. It’s been my worst nightmare since week 4, The recruits will jump back on and the BOG will party well into the night,

  4. ferdek says:

    MM: the only real hope for a delay is based on the ugly reality of capital markets. The numbers just may not work if credit markets continue to be tight and the pressures on the costs of education negatively impact prospective college enrollments. Maybe financial constraints will trump an average record and mediocre bowl selection.

  5. Anonymous says:

    ferdek, please briefly describe the plan for paying back money borrowed to fix up a classroom.

  6. ferdek says:

    did you guys lose my last post? if RU finishes 7-5 the pressure will be on to go ahead. Where are the investigations by the state and RU on the Athletic Department? Waiting till after the bids come in?

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