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Univ. Of Tennessee Athletic Department Sees Budget Surplus Of $60,000 For FY '13-14

The Univ. of Tennessee athletic department "claimed a budget surplus" of $60,880 for FY '13-14 just two years after operating on a deficit of nearly $4M, and one year after needing $14.2M in "university reinvenstment to stay in the black," according to Dustin Dopirak of the KNOXVILLE NEWS SENTINEL. The surplus was put "in the UT Athletics reserve, which the department claims is the lowest among its peers in the SEC." UT Chancellor Jimmy Cheek in November '12 announced that the school would reinvest $18M "contributed by the athletics department back into athletics over the course of three years." Most of that was listed as "institutional support on last year's budget," accepting an $11.4M budget transfer from the university and having $2.8M "payment to the university relieved." The reason the athletic department "took so much money up front was to pay for the buyouts of former football coach Derek Dooley and his staff, buy out new coach Butch Jones' contract at Cincinnati, and pay for moving expenses for the new staff" (KNOXVILLE NEWS SENTINEL, 10/2). A January '13 SportsBusiness Journal story reported UT was more than $200M in debt.

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