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Closing Bell

Univ. of Texas Cuts Jobs, Salaries For $54.3M Savings

Univ. of Texas AD Chris Del Conte announced a "series of moves that were designed to save the most financially-lucrative athletic department in America about $54.3 million -- roughly a quarter of its annual revenues." Twenty-six "contracted coaches and administrators 'voluntarily agreed' to take temporary salary reductions through Aug. 31, 2021." Starting in mid-October, "274 athletic department employees will see pay cuts and 11 staffers will be temporarily furloughed with benefits." UT also announced "35 staff members were laid off and 35 more vacant positions were eliminated" (AUSTIN AMERICAN-STATESMAN, 9/1).

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