August 10th, 2018 | by CollegeAD

CSU President Tony Frank hopes to cover a $1.125 million deficit in the athletic department budget with excess revenue from the new on-campus stadium, he told the school’s Board of Governors on Thursday. The deficit, athletic director Joe Parker said, is due primarily to unexpected expenses incurred to pay coaches in the men’s basketball and football programs. Coaches were let go in both sports, including men’s basketball coach Larry Eustachy, who agreed to a buyout. Frank’s proposal, which the board will vote on and likely approve Friday at its meetings at the CSU-Global campus, would cover the athletic department debt and also provide $500,000 for academic enhancements. The money would come from the $4.625 million of revenue above and beyond the projected $10 million that the stadium generated in its first year of operation. Total revenue from the stadium was $15.58 million. Net revenue was $12.44 million, according to a stadium accountability report presented to the board. Colorado State University’s athletic department was already set to receive $3.6 million annually from the stadium’s net revenues to match what it earned when home football games were played at Hughes Stadium. The athletic department’s budget for the 2018 fiscal year was $41.9 million, which includes $11.9 million from the university’s general fund and $6.2 million from student fees. Kelly Lyell, Fort Collins Coloradoan, Read More

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