Money Questions

JacketFromUGA

JacketFromUGA

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Are we still paying Hewitt?

How much are we paying Gregory and where does that rank in terms of the ACC?

Sorry I don't follow basketball that closely.
 

JorgeJonas

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Believe the number is roughly $3.5MM over next four years, though this year's payment may have already been made.
 
McCamish Maniacs

McCamish Maniacs

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There are people on here who follow this stuff closer than me, but I think I have these numbers correct:

* We owe Hewitt another $3.6 million over the next 4 years or $900,000 a year through 2019
* We're paying Gregory $1.075 million a year, which ranks near the bottom of the ACC, but not sure exactly where
 
dtm1997

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McCamish Maniacs said:
There are people on here who follow this stuff closer than me, but I think I have these numbers correct:

* We owe Hewitt another $3.6 million over the next 4 years or $900,000 a year through 2019
* We're paying Gregory $1.075 million a year, which ranks near the bottom of the ACC, but not sure exactly where
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These sound about right.

The only coach who's maybe making less than BG is Jim Christian at Boston College.

If BG were to be removed after this season, total buyout for he & Hewitt would be approximately $4,000,000. About $2.7MM for Hewitt (3 years at $900,000) & $1.3MM for BG (next season at 75% base, 2nd season at 50% base).

Unless MBob is getting cozy with boosters this season to start gathering commitments now, bets are that BG is back next year regardless. If we didn't have $7MM to give hoops a fresh start after last season, I don't see how we'll have $4MM to give it a fresh start after this season. While the cash is on the GTAA's balance sheet, there's no way Bud is letting them spend that.

Add to that the $1.5MM - $2MM annual salary we'll need to pay a new coach of requisite ACC quality. Add to that the fact we really need to upgrade what we pay for assistants. FWIW, there were rumors following last season that boosters were prepared to step up to improve the program, but were not willing to kick in for the buyouts, especially once it came to light about MBob's botched extension for BG (buyout terms reset, not the piddly 1 year he got tacked on).
 
Peacone36

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dtm1997 said:
These sound about right.


Unless MBob is getting cozy with boosters this season to start gathering commitments now, bets are that BG is back next year regardless. If we didn't have $7MM to give hoops a fresh start after last season, I don't see how we'll have $4MM to give it a fresh start after this season. While the cash is on the GTAA's balance sheet, there's no way Bud is letting them spend that.
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The only way this would happen is if we were epic-ly bad which we are not going to be. We are going to be fair to midland with a shot at the NIT. Unless Bobble Head sells people on the fact that we are so close to being good we just need the right leader (which i cant see happening) we are locked in to BG for at least 18 more months.
 
kg01

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Peacone36 said:
The only way this would happen is if we were epic-ly bad which we are not going to be. We are going to be fair to midland with a shot at the NIT. Unless Bobble Head sells people on the fact that we are so close to being good we just need the right leader (which i cant see happening) we are locked in to BG for at least 18 more months.
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I have to believe the money guys won't be fooled by a blip-on-the-radar season though. I have to disagree with my man @dtm1997. They may not have been willing to go $7mils but $4mil might be doable. The catch is the dough it'd take for us to really get in the game coach/program-wise considering the rest of what dtm astutely mentioned (paying assistants, etc.). JMHO of course.
 

MWBATL

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Everything suggest to me that we will see CBG for this season and the next.

After that...maybe.....but I will be surprised if the AD (whom I refuse to name) pulls the trigger any earlier. I have also heard the rumors that our AD "lost" the bigger donors after they found out about the extension he gave CBG, and I haven't heard that he has made up with them in any meaningful way.
 
dtm1997

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@kg01 - I agree that nobody should be fooled by a blip on the radar, although I do give some credit to the signed LOIs to date. The question is whether the $4MM is doable & allowable by the GTAA or, as @MWBATL points out, MBob has barnstormed successfully to get donors on board with both the buyout & an equity injection to provide firm footing for the program.

I was at the Villanova game with some friends and they were reeling off the same complaints we all have/see on the boards. I told them, if we want to see real change across all sports, we need our own Boone Pickens to pony up $200MM. They think I'm crazy, but think about this... our only fully endowed scholarship sport is.... (drum roll please).... Golf.

I don't have the numbers with me, but for each athletic scholarship to be fully endowed in perpetuity, it's $500,000. Football scholarships alone would take $42.5MM. Another $14MM-$15MM for Men's & Women's Basketball. Start adding up the other sports. Then you want to fully fund revenue sport head coach contracts, along with upgrading assistants or getting more people power on staff (i.e. - football recruiting staff). That $200MM number doesn't look so crazy. I'm not even figuring in facilities or wiping out or current debt load.

This is what we're up against in the world of big-time college athletics.
 
Techster

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dtm1997 said:
@kg01
I don't have the numbers with me, but for each athletic scholarship to be fully endowed in perpetuity, it's $500,000. Football scholarships alone would take $42.5MM. Another $14MM-$15MM for Men's & Women's Basketball. Start adding up the other sports. Then you want to fully fund revenue sport head coach contracts, along with upgrading assistants or getting more people power on staff (i.e. - football recruiting staff). That $200MM number doesn't look so crazy. I'm not even figuring in facilities or wiping out or current debt load.
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Women...always holding good men down.

**ducks**
 

RamblinRed

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As mentioned I don't think anything happens after this season.

Rumor was MBob was able to get a little over $2M in commitments for the buyouts last spring. That still puts him well short of the little over $4M he would need to start new.
After next season the number drops to about $2.2M I could see that happening. I have heard nothing that suggests the big donors are willing to pony up any more of that right now. They are already feeling tapped out.

As also mentioned you have to be thinking $1.5-2M min to get a new coach. That is a pretty middle of the pack salary number currently in the ACC. Right now we are effectively paying a combined $2M to the HC (one to coach, one to not coach).

Effectively we are in purgatory for a couple more years (2-3) before you can really start to build the program back up.
 
GTNavyNuke

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Techster said:
Women...always holding good men down.

**ducks**
Click to expand...

That can be fun ..... :cautious:

Any idea how much Hall is paid? I'd expect a lot less, but proportional to the interest in the game.
And golf being fully endowed makes sense if their expenses are a lot less than the other sports. Plus we have a bunch of really successful golfers. Baseball got some $$ from Teixteira and Wieters as I recall.
 
dtm1997

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Peacone36

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kg01 said:
I have to believe the money guys won't be fooled by a blip-on-the-radar season though. I have to disagree with my man @dtm1997. They may not have been willing to go $7mils but $4mil might be doable. The catch is the dough it'd take for us to really get in the game coach/program-wise considering the rest of what dtm astutely mentioned (paying assistants, etc.). JMHO of course.
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I agree people won't be fooled, but it can be conveniently used as an excuse not to donate funds for a buyout of a coach who may be on the upswing.
 
dtm1997

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ChasonBaller said:
why can't we just ask Bosh for some buyout money from his 118 million dollar contract
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I'm guessing you might be kidding around, but to the best of my knowledge, no current or former NBA players don't support BG. Jarrett Jack & Thaddeus Young attended the game against Arkansas. Favors, Shumpert, & Jack work out at GT over the summer. Bosh will take in a game & visit the team when in town. Forrest, Best, & Scott hit up games quite often.
 
dtm1997

dtm1997

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Jacket0323 said:
I will work on hitting the Powerball henceforth
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This really is the most viable option. I told a buddy of mine that works in asset management that he needs to start a hedge fund and make $1Bn so we could throw $200MM+ at the GTAA.

I think the big trick here is getting the students more interested & supportive of various sports programs. With some of the entrepreneurial programs currently at GT (here read this... http://create-x.gatech.edu/ & this http://www.news.gatech.edu/2015/04/01/create-x-will-build-students’-entrepreneurial-confidence ), we might become more like Stanford yet, in the sense that we might start pumping out more entrepreneurial millionaires from the student population, as opposed to the 401K millionaires that I would guess are the real foundation of the "1 in 6 GT grads" we tout in recruiting.
 
kg01

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dtm1997 said:
This really is the most viable option. I told a buddy of mine that works in asset management that he needs to start a hedge fund and make $1Bn so we could throw $200MM+ at the GTAA.

I think the big trick here is getting the students more interested & supportive of various sports programs. With some of the entrepreneurial programs currently at GT (here read this... http://create-x.gatech.edu/ & this http://www.news.gatech.edu/2015/04/01/create-x-will-build-students’-entrepreneurial-confidence ), we might become more like Stanford yet, in the sense that we might start pumping out more entrepreneurial millionaires from the student population, as opposed to the 401K millionaires that I would guess are the real foundation of the "1 in 6 GT grads" we tout in recruiting.
Click to expand...

I have a potential solution. Apparently I have the same first and last name of a pretty big-time hedge fund manager. All I have to do is pose as him for a coupla weeks and funnel the funds we need to the GTAA.

Everybody wins?

{Disclaimer: I'm kidding, NSA. Totally kidding.}
 
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