TUCSON, Ariz. (KGUN) — COVID-19 restrictions led to a $26 million budget deficit for the University of Arizona athletic department this past fiscal year.
At a news conference Wednesday, Athletic Director Dave Heeke said revenues were down $45 million because of COVID.
Budget cuts and layoffs helped keep overall losses to $26 million.
To address the deficit, Heeke says the athletic department is taking out a bridge loan from the University, with 15 years to pay back.
"We fully intend, and we'll strive to pay those off earlier, as we begin to roll into opportunities to generate significantly more revenue with fans in the stands, the growth, nationally, our growth of our television package at a conference level. All of those pieces will likely grow our revenue and address this deficit position," Heeke said.
The department will spend $4.3 million this fiscal year on coaching contract buyouts.
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