That’s right, he’ll mortgage future income to pay Rob Mullens and the coaches now. Why not? They’ll all be gone when the bill comes due – just as Dave Frohnmayer is.
Meanwhile the faculty is on its own. Jon Wilner has the scoop in the San Jose Mercury, here:
The Pac-12 is planning a mammoth loan program that would provide an escape hatch for cash-strapped athletic departments in the event the football season is canceled because of coronavirus, according to internal documents and conference sources.
Football accounts for the majority of each department’s revenue, generating in excess of $50 million dollars in ticket sales and media rights alone.
The loan program would be large enough to cover that loss for each school, if needed:
According to a series of emails obtained by the Hotline through public records requests, the loan would provide a maximum of $83 million for each university at a rate of 3.75 percent over 10 years.
… Schill, who succeeded DiStefano as chair of the conference’s CEO Group on July 1, responded:
“I didn’t either. I did know that Larry was going to investigate putting together a loan. I guess he went with Raine. I hope the terms reflect work and not a finder’s fee that is outside the norm.”
(Through a spokesperson, Schill declined to comment, and Scott was not available.) …