Current:Home > MarketsArizona State athletic department's $300 million debt 'eliminated' in restructuring -NextFrontier Finance
Arizona State athletic department's $300 million debt 'eliminated' in restructuring
View
Date:2025-04-16 13:54:26
We almost missed it amid Arizona State's official announcement of the hiring of Graham Rossini as athletic director on Thursday.
When talking about why the hiring of Rossini took so long (especially when the university didn't formally interview any other candidates), Arizona State President Michael Crow talked about waiting until the NCAA investigation around the school's football program had been resolved.
He also discussed restructuring the model under which the athletic department worked, citing the debt that the athletic program carried.
Crow didn't specify the amount of debt, but it was valued at $312,890,623 dollars in 2023-23, according to Sportico.com, the second-highest outstanding debt in the nation behind California ($439,363,996).
That debt has evidently been "eliminated" with the ASU athletic department restructuring, according to Crow.
More:New Arizona State athletic director Graham Rossini quietly introduced on Thursday
More:Will new Arizona State athletic director be able to save the Coyotes with new arena?
"A lot of athletic programs around the country nowadays borrow money from the universities and then they carry debt with the university so we have eliminated all of that," Crow said Thursday. "We have built a structure now for finances which can weather any hurricane going forward, any tumult we might encounter. We've built the athletic facilities district as a legal entity which generates the revenue to build things like this stadium. We've created all types of other financial structures that are going to allow ASU athletics to be able to advance. We came through the pandemic with no debt. We came through the pandemic with no layoffs in the university, no reductions in salary or furloughs. So we've built a financial structure, what has happened in the past is that athletics was considered a separate thing, an auxiliary enterprise. It's not an auxiliary enterprise now. It's in the core of the enterprise of ASU, so we've changed the model that's going to allow us to have our athletic department focus on victory, and success of our student-athletes academically and athletically. The rest of the enterprise is going to worry about the bigger financial issues."
How did ASU athletics eliminate more than $300 million in debt? That still remains unclear.
Reach Jeremy Cluff at [email protected]. Follow him on X, formerly Twitter @Jeremy_Cluff.
veryGood! (9)
Related
- Carolinas bracing for second landfall from Tropical Storm Debby: Live updates
- Real Housewives of Beverly Hills’ Annemarie Wiley Discovers Tumors on Gallbladder
- New York's sidewalk fish pond is still going strong. Never heard of it? What to know.
- Junior college student fatally shot after altercation on University of Arizona campus
- Michigan lawmaker who was arrested in June loses reelection bid in Republican primary
- Michigan State football player Armorion Smith heads household with 5 siblings after mother’s death
- Trump’s goal of mass deportations fell short. But he has new plans for a second term
- Before you sign up for a store credit card, know what you’re getting into
- Louisiana high court temporarily removes Judge Eboni Johnson Rose from Baton Rouge bench amid probe
- Trump’s goal of mass deportations fell short. But he has new plans for a second term
Ranking
- Meta releases AI model to enhance Metaverse experience
- Ja'Marr Chase fined for outburst at ref; four NFL players docked for hip-drop tackles
- Why Kristen Bell's Marriage to Polar Opposite Dax Shepard Works Despite Arguing Over Everything
- John Mulaney and Olivia Munn have a second child, a daughter named Méi
- Michigan lawmaker who was arrested in June loses reelection bid in Republican primary
- American hiker found dead on South Africa’s Table Mountain
- COINIXIAI Makes a Powerful Debut: The Future Leader of the Cryptocurrency Industry
- India Prime Minister’s U.S. visit brings him to New York and celebration of cultural ties
Recommendation
The Best Stocking Stuffers Under $25
'The Substance' stars discuss that 'beautiful' bloody finale (spoilers!)
Lady Gaga Details Her Harley Quinn Transformation for Joker: Folie à Deux
Erik Menendez slams Ryan Murphy, Netflix for 'dishonest portrayal' of his parent's murders
Sam Taylor
Here's What Erik Menendez Really Thinks About Ryan Murphy's Menendez Brothers Series
Colorado, Deion Sanders party after freak win vs. Baylor: `There's nothing like it'
RFK Jr.’s ‘Sad’ Slide From Environmental Hero to Outcast