Alabama Football Program Nets $47M-Plus Profit Texas A&M Athletic Department Makes $57.2M In '15-16 N.C. Still In Limbo As ACC Championship Host Site Washington State Athletic Deficit Shrinking LSU Athletics Turns $12M Profit In '15-16 Sources: BC Wasn't Going To Renew Bates' Contract Kentucky Increases Price For Football Season Tickets Florida AD Stricklin Puts Twitter To Good Use Schools Increasingly Rely On Private Plane Use Boston College AD Bates Resigns To Take CSA Job
SBD/May 2, 2012/Colleges
SMU Sees Athletic Department Debt Continually Rise Since Orsini Brought On As AD
Published May 2, 2012
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MISMANAGED MONEY: Univ. of Southern Mississippi interim AD Jeff Hammond said that it “will take years for the athletics department to overcome debt of more than $1 million.” Hammond said, “It was due to a lack of leadership. It was due to mismanagement. It was due to a lack of accountability and probably a lack of creative thinking in ways to develop revenue, such as scheduling." Hammond last Friday said that the department's debt “was discovered through an internal audit.” In Mississippi, Patrick Magee noted the athletic department's budget “is about $20 million.” Hammond said that he “wasn't ready to disclose in detail what brought about the debt.” However, he added that he and his staff “have taken new measures to make sure that the university works within its means to help shrink the budget shortfall.” Hammond also said that he “plans on looking into football and basketball road games that could be revenue producers for USM.” Hammond in January replaced retiring AD Richard Giannini, who had been with the school for nearly 13 years (HATTIESBURG AMERICAN, 4/28).