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Rutgers Borrows $10M Against Future Big Ten Revenue To Cover $39M Shortfall In '16

Rutgers athletics has taken out what amounts to a $10M loan from the university to "compensate for a shortfall" of about $39M in expenditures during FY '16, according to Dunleavy & Sargeant of the Newark STAR-LEDGER. That loan, which Rutgers officials feel is an "advance on future Big Ten revenues," is on top of a $28.6M subsidy. Rutgers athletics received $17.1M from the university's general fund, $11.4M in student fees and $29,163 in "state government support." The $39M is the amount "needed to balance" an $83.97M operating budget. Rutgers AD Pat Hobbs said that the additional $10M "essentially is a loan to be repaid after Rutgers becomes a full-revenue sharing partner" in the Big Ten in '21. Hobbs said that the loan was "necessary to cover costs related to coaches' buyouts and investments in competitiveness." Dunleavy & Sargeant note Rutgers is "trying to keep up with its Big Ten brethren despite being on an uneven financial scale." Rutgers received a $9.8M membership revenue check from the Big Ten, which is "only a fraction of what the 11 longtime members will receive." Projections "call for the full Big Ten revenue share value to be north" of $50M in '17 (Newark STAR-LEDGER, 1/26).

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