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Coaching Carousel 5 - You have to look through the rain to see the rainbow
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<blockquote data-quote="LibertyTurns" data-source="post: 683764" data-attributes="member: 789"><p>Sorry to those I offended with such a short snippy answer, but GT lost $9.6M in 2019 and FY 2020 is projected to lose another $1.7M. FY’s end 6/30 every year in case anyone was not aware. Bottom line the FY 2019 $11.3M in losses completely wiped out GT’s $6.7M reserve fund. All the athletic programs were asked to take a haircut to the tune of $9M to trim FY 2020 down to a $1.7M loss. I don’t have the numbers but quite frankly, we didn’t sell as many football season tickets as we’d hope for coupled with another $6M to pay for the new football staff. We’re also facing annual salary costs in football because there’s more people on staff now because we were so far behind the power curve we could not compete with such a small staff. Lastly, there’s a huge difference between operations and capital expenses. You don’t just mix money, particularly when your fundraising states it will be allocated to a purpose either 100% or the ratio has been specified.</p><p></p><p>It’s really not until 2023 where our revenues are projected to hit $101M that’s we’ll even be back to the point we have our reserve balance restored. We’ve got the highest debt service of any ACC team & by a large margin. Stansbury bet the bank on our football program & he’s gone all in. It’s our cash cow and there’s a reason every AD with a football program in the country manages football so doggedly. There won’t be any high profile basketball coach coming in here until 2024 unless someone is interested in plunking down about $25M to foot the bill for a 6 year contract. </p><p></p><p>Now I could be wrong & GTAA has this all nailed but based on the information at hand that is what a prudent steward of a multi-million dollar outfit would do. He’d hold the line in 2021 & 2022 if he could, then make 2024 the splash year. This year’s season football tickets are probably going to be lackluster, if we show some signs of life then FY 2022 may be a bit better. A good 2022 football season and hopefully we’ll rebound plus we got the extra revenue coming in. GT will finally not be upside down operationally, unable to make good decisions because the money is not there. He’ll likely have the ability to make a basketball hire in the spring of 2022 as the FY is winding down. They should be working the hire at the end of next season and have the replacement firmly in place when the 2022 season ends. It’s a business & that’s what he should do.</p></blockquote><p></p>
[QUOTE="LibertyTurns, post: 683764, member: 789"] Sorry to those I offended with such a short snippy answer, but GT lost $9.6M in 2019 and FY 2020 is projected to lose another $1.7M. FY’s end 6/30 every year in case anyone was not aware. Bottom line the FY 2019 $11.3M in losses completely wiped out GT’s $6.7M reserve fund. All the athletic programs were asked to take a haircut to the tune of $9M to trim FY 2020 down to a $1.7M loss. I don’t have the numbers but quite frankly, we didn’t sell as many football season tickets as we’d hope for coupled with another $6M to pay for the new football staff. We’re also facing annual salary costs in football because there’s more people on staff now because we were so far behind the power curve we could not compete with such a small staff. Lastly, there’s a huge difference between operations and capital expenses. You don’t just mix money, particularly when your fundraising states it will be allocated to a purpose either 100% or the ratio has been specified. It’s really not until 2023 where our revenues are projected to hit $101M that’s we’ll even be back to the point we have our reserve balance restored. We’ve got the highest debt service of any ACC team & by a large margin. Stansbury bet the bank on our football program & he’s gone all in. It’s our cash cow and there’s a reason every AD with a football program in the country manages football so doggedly. There won’t be any high profile basketball coach coming in here until 2024 unless someone is interested in plunking down about $25M to foot the bill for a 6 year contract. Now I could be wrong & GTAA has this all nailed but based on the information at hand that is what a prudent steward of a multi-million dollar outfit would do. He’d hold the line in 2021 & 2022 if he could, then make 2024 the splash year. This year’s season football tickets are probably going to be lackluster, if we show some signs of life then FY 2022 may be a bit better. A good 2022 football season and hopefully we’ll rebound plus we got the extra revenue coming in. GT will finally not be upside down operationally, unable to make good decisions because the money is not there. He’ll likely have the ability to make a basketball hire in the spring of 2022 as the FY is winding down. They should be working the hire at the end of next season and have the replacement firmly in place when the 2022 season ends. It’s a business & that’s what he should do. [/QUOTE]
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