UCF athletics faces a $12.7M revenue loss due to three fewer home football games and limited capacityGetty Images
UCF leaders have recommended giving their athletics department a "financial lifeline" in deferring loan payments as it faces losses of more than $12M, "increasing its credit line" and approving a $3M loan from the school's foundation, according to Ryan Gillespie of the ORLANDO SENTINEL. The UCF Athletics Association under actions pending approval by the school's full Board of Trustees would have $1M loan payments "deferred over the next two years, it's revolving credit line boosted from $5 million to $8 million, and also receive an 18-month loan of $3 million." The program is facing a $12.7M loss in revenue "due to three fewer home football games and stadium capacity limited to 25%." This comes with more than $1M in "new expenses covering regular COVID-19 testing, as well as cleaning and new protocols for traveling." The program "already froze salaries across the board and had coaches slash budgets by 10%." The UCF Foundation decided to use $3M in "excess reserves to offer the program an additional line of credit over 18 months, with a 3% interest rate." They also will "expand its credit line through Fifth Third Bank from $5 million to $8 million to help cover pandemic-related shortages" (ORLANDO SENTINEL, 11/20).
