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GT athletic dept has amassed $229 million in debt
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<blockquote data-quote="Techster" data-source="post: 199578" data-attributes="member: 360"><p>The numbers cited are only part of the story. The headline grabbing amounts of $229million and $13.3 million looks like GT is drowning in debt, but the reality is GT is no where near defaulting on debt payments.</p><p></p><p>The total owed on the facilities and other projects is $229 million, and the annual debt obligations on the total is $13.3 million (according to the article). What they leave out is the fact that facilities like our indoor practice facility and other projects are financed for the most part by commitments from generous donors like the Brocks (<a href="http://patch.com/georgia/midtown/techs-new-football-facility-nears-completion" target="_blank">http://patch.com/georgia/midtown/techs-new-football-facility-nears-completion</a>). Also keep in mind, GT is also paid by TV/media contracts, which alone pay for the annual debt service. That's all not including ticket sales, merchandise, marketing agreements, etc. GT has been very good about allocating funds to cover future debt and contract commitments.</p><p></p><p>I get the gist of the article that schools feel the need to extend themselves to compete with each. The fact is, the athletic department is a business, as are other schools athletic departments. Like businesses from any other sector, everyone needs to invest in infrastructure, staff, and research to compete in their respective sectors.</p></blockquote><p></p>
[QUOTE="Techster, post: 199578, member: 360"] The numbers cited are only part of the story. The headline grabbing amounts of $229million and $13.3 million looks like GT is drowning in debt, but the reality is GT is no where near defaulting on debt payments. The total owed on the facilities and other projects is $229 million, and the annual debt obligations on the total is $13.3 million (according to the article). What they leave out is the fact that facilities like our indoor practice facility and other projects are financed for the most part by commitments from generous donors like the Brocks ([URL]http://patch.com/georgia/midtown/techs-new-football-facility-nears-completion[/URL]). Also keep in mind, GT is also paid by TV/media contracts, which alone pay for the annual debt service. That's all not including ticket sales, merchandise, marketing agreements, etc. GT has been very good about allocating funds to cover future debt and contract commitments. I get the gist of the article that schools feel the need to extend themselves to compete with each. The fact is, the athletic department is a business, as are other schools athletic departments. Like businesses from any other sector, everyone needs to invest in infrastructure, staff, and research to compete in their respective sectors. [/QUOTE]
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GT athletic dept has amassed $229 million in debt
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