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Univ. Of Missouri Athletics To Save $5M Amid Layoffs, Salary Cuts

AD Jim Sterk said Mizzou will cut performance and incentive bonuses until further noticeGETTY IMAGES

Univ. of Missouri AD Jim Sterk said that the athletics department "will save" $5M with "layoffs, furloughs and salary reductions," according to Dave Matter of the ST. LOUIS POST-DISPATCH. Sterk in an email sent to employees on Friday wrote that the layoffs, furloughs and a three-tiered salary reduction plan "will account for nearly a third" of the $16.5M in "planned budget cuts for the department." MU's department is "projecting a 20-percent revenue shortfall for the year." For FY '19, MU's athletics operating expenses "totaled $108,398,447." Sterk said that MU will "cut all performance and incentive bonuses until further notice." Matter noted the planned salary reductions will "only impact employees with salaries greater than $60,000." Employees making between $60,000-$100,000 "will see their salaries reduced 7.5 percent from July 1 to Sept. 30." Employees making more than $100,000 "will see a 10-percent reduction during the same three-month period." The athletics department did not announce any layoffs, but sources said that MU Exec Associate AD/Marketing & Revenue Generation Jay Luksis and Assistant AD/Broadcast Operations Stan Silvey "were both laid off" last week (ST. LOUIS POST-DISPATCH, 5/30).

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