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Clockwork Orange
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« on: November 20, 2012, 09:49:03 EST » |
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Think that helps to finance a new coach a smidge?
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"Stay patient and be strong, 'cause it's gonna hit. And when it hits, it's gonna hit hard."  |
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SmokeyJoe
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« Reply #1 on: November 20, 2012, 09:56:39 EST » |
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Isn't 18 mil/3 yrs about what UT will be paying Gruden? ;)
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PirateVOL
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« Reply #2 on: November 20, 2012, 09:57:19 EST » |
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Think that helps to finance a new coach a smidge?
That is a bandaid for an immediate issue but really address none of the underlying issues between the UTAD and the Academic side. It does help Hart with the task at hand  |
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  All men dream: but not equally. Those who Dream by night in the dusty recesses of their minds Wake in the day to find that it was vanity; but the Dreamers of the day are dangerous men, for they May act their dream with open eyes, to make it Possible. This I did. —T. E. Lawrence, The Seven Pillars of Wisdom _________________________________________________________________________________________________ "If you find yourself in a fair fight, you didn't plan your mission properly." - David Hackworth "Be polite, be professional, but have a plan to kill everybody you meet" General James "Mad Dog" Mattis |
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Volznut
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« Reply #3 on: November 20, 2012, 09:58:46 EST » |
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This is HUGE. Dave Hart working.
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ReVOLver
Admins
Heisman
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« Reply #4 on: November 20, 2012, 10:00:39 EST » |
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Huge news fo sho
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"I think this is the most important non-important thing in the world." - Actor and Tennessee fan David Keith on Tennessee football
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Clockwork Orange
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« Reply #5 on: November 20, 2012, 10:03:18 EST » |
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That is a bandaid for an immediate issue but really address none of the underlying issues between the UTAD and the Academic side.
Maybe it's a start, or maybe just a shot in the arm. With the right coaching hire you know revenue for the AD will go up considerably, so I see this more as an investment that the administration expects to generate a nice return over the next several years. I have a feeling there was significant pressure from above and below to make something like this happen, even if it only covers the three years. |
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"Stay patient and be strong, 'cause it's gonna hit. And when it hits, it's gonna hit hard." |
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Clockwork Orange
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« Reply #6 on: November 20, 2012, 10:05:23 EST » |
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http://www.utk.edu/tntoday/2012/11/20/chancellor-jimmy-cheek-addresses-ut-athletic-department-budget-situation/As we face a transition in our football program, I want to make it clear that we support a mission of comprehensive excellence in our athletics department. Under the leadership of Vice Chancellor and Athletics Director Dave Hart, we will do the things required to return our team to national prominence. As we begin our search for a new coach, I have assured Dave that he will have the support and resources he needs to be successful.
For the next three years, the money the athletics department has contributed to the campus will be reinvested in the athletics department. Relieving athletics of this commitment will allow the department to add an average of $6 million per year to its bottom line for a total of $18 million over three years.
The money was committed under different circumstances and we now need to allow athletics to use these dollars to attain financial stability and invest in the future.
Most of this money has been used for scholarships and fellowships. We will continue to honor these commitments, primarily through private gifts. Let me emphasize, we will not reduce our commitment to students.
I know that winning championships and competing at the highest level lifts the national profile of the University of Tennessee. As chancellor, I am committed to winning both on the field and in the classroom.
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"Stay patient and be strong, 'cause it's gonna hit. And when it hits, it's gonna hit hard." |
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101stDad
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« Reply #7 on: November 20, 2012, 10:11:11 EST » |
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Takes a huge amount of pressure off in terms of making the monthly buyout payments to Dooley and making some money available to bring in a heavy hitter.
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73Volgrad
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« Reply #8 on: November 20, 2012, 10:14:55 EST » |
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All the coaching buy outs must be funded in total in an escrow account and cannot be funded monthly through anticipated revenue. This is an IRS rule. SO $6M a year does not help the Dooley buy out.
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VoLynteer
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« Reply #9 on: November 20, 2012, 10:17:31 EST » |
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All the coaching buy outs must be funded in total in an escrow account and cannot be funded monthly through anticipated revenue. This is an IRS rule. SO $6M a year does not help the Dooley buy out.
So...what does it help? |
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Volznut
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« Reply #10 on: November 20, 2012, 10:17:53 EST » |
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All the coaching buy outs must be funded in total in an escrow account and cannot be funded monthly through anticipated revenue. This is an IRS rule. SO $6M a year does not help the Dooley buy out.
It helps land a coach |
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PirateVOL
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« Reply #11 on: November 20, 2012, 10:42:56 EST » |
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It helps land a coach
Yep, that is exactly what it is intended for |
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All men dream: but not equally. Those who Dream by night in the dusty recesses of their minds Wake in the day to find that it was vanity; but the Dreamers of the day are dangerous men, for they May act their dream with open eyes, to make it Possible. This I did. —T. E. Lawrence, The Seven Pillars of Wisdom _________________________________________________________________________________________________ "If you find yourself in a fair fight, you didn't plan your mission properly." - David Hackworth "Be polite, be professional, but have a plan to kill everybody you meet" General James "Mad Dog" Mattis |
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UTnbama
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« Reply #12 on: November 20, 2012, 10:58:51 EST » |
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That's the amount stipulated in the contract between the UT Foundation, the UTAD and the University. That amount was established when the contract was signed several years ago. Well before the latest discussion with Gruden.
This money will go to pay the escrow for Dooley and the lump sum buyouts for the staff, etc. The money for the new coaches will come from donors, bottle caps, baseball card collections, etc. Certanly this money clears away a giant hurdle for getting Gruden & new staff. Correct me if I'm wrong, but I think Fulmer's buyout ends this December, about the time Dooley's begins.
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