This is a convoluted article. It isn't clear, at all,
Edited on 2013-02-23 05:00:32
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Tip of the Iceberg with regards to the financials of...
posted by TWO
whether this is a long term issue. Unless I'm reading it wrong, this red ink could very well be the result of an exit fee that will be recouped over X years with Big12 money.
How much is the loan?
How much more $ will they make every year?
How much of the red ink is from the payout?
Of course, WVU paying $20 million to exit from the Big East Conference was largely responsible for the huge deficit.
And there are loans still to be paid off.
That was needed to join in the Big 12 by June 30, 2012, so that conference would have a 10th school and deal with TV networks for billions in broadcasting revenues.
But WVU won’t receive a full share in yearly profit until the Big 12 is repaid for its significant loan.
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