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).
