U of M Faces Uncertainty

St. Paul Pioneer Press-

The University of Minnesota Board of Regents’ emergency meeting Tuesday estimated the coronavirus pandemic could strip Gophers athletics of anywhere between $10 million and $75 million. Using “very early estimated revenue losses,” the U outlined three scenarios in how the department’s finances might unfold amid uncertainty on when regular athletic activities could return in the COVID-19 crisis.

-“Best case” though spring: $10 million loss

-“Moderate” into summer: $30 million

-“Severe” into fall: $75 million

The U of M’s athletic spending was $129 million in 2018-19, so the severe case would be a 58% decrease in what the university spent in the last athletic year. Revenue primarily comes from ticket sales, NCAA allotments, TV contracts, fundraising and merchandise sales.