WVU athletic department in red for 2 fiscal years - Business, Government Legal News from throughout WV

WVU athletic department in red for 2 fiscal years

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MORGANTOWN (AP) — West Virginia University's athletic department has ended the past two fiscal years in the red.

University officials expect the deficits to continue for several years.

Records obtained by The Dominion Post show the athletic department ended the 2011-2012 fiscal year with a deficit of nearly $13 million. The loss came despite record revenue totaling more than $80 million.

WVU officials attribute the deficit largely to the $20 million that the university paid to leave the Big East.

Without that exit fee, associate athletic director Mike Parsons says the department would have had a sizeable profit.

The 2010-2011 deficit was more than $1 million.

The athletic department is expected to take out loans through the university to help pay for operating expenses for the next several years.

Copyright 2012 The Associated Press

 

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