UT released figures today that shows that the department is operating at a $3.98 million deficit. According to its figures, the department took in $106,485,376 in revenues against an expense total of $110,466,652 during the last fiscal year.
Also, the school announced that it had to dip into its financial reserves, which now has only about $2 million.
Recently, new Tennessee athletic director David Hart began eliminating positions within the department.
“It is critical that our athletics program be financially healthy and that its budget is sustainable,” said Chancellor Jimmy G. Cheek in the school’s release. “We are committed to having premier athletics programs at the University of Tennessee, and to do that, we must develop a financial model that pays for these programs while also building up the necessary reserve funds.
“I support Dave Hart’s efforts and commend him for the work that has already been done to get us on more sound footing. This work benefits the entire campus of the University of Tennessee.”