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Who owns the football P&L? Who is responsible for this? What happened?
Pitt football almost doubled expenses, produced marginal revenue growth, and eliminating all profits. They went from making $5mil a year to nothing, and managed to produce a worse football team in the process.
How many corporate managers would keep their job after this? This is seriously pathetic and disgusting.
If there is any Daddy Warbucks in Pitt's future, I hope to god he doesn't donate any money until the people responsible for this are gone.
Gibby, what's your take on the mismanagement of Pitt assets?
Gibby, do those numbers look bogus to you? Are these numbers audited by an outside firm? If not it looks to me like someone is trying to send a self serving message of we are broke...............(no Im not paranoid even though I believe the walls have ears).
A "Real PITT MAN"............get off my porch!
In summary, profits jump 21.5% from '06 to '10 while expenses go up 74%. Obama has got to be in this shit.
They make no sense at all. DW was hired and already in the 2006 numbers. The $5mil jump from 2006 to 2009 is baffling. Maybe some of it covers bowl expenses?
The only plausible explanation for the $4mil jump from 2009 to 2010 is the coaching fiasco. What was Wanny's buyout? Search firm, Haywood legal, buyouts for Haywood and TG? Delta in salaries from DW's staff to TG's staff? It still seems like a lot.
Something doesn't smell right, or Pitt is just really, really bad at spending money. They turned a $5mil profit into zero. That takes some work to pull off. It seriously makes me want to quit donating to athletics. It's the first time I've ever felt this way.
Hire monkeys. They're cheaper and you might get better results.
First .. where is 2011? The fiscal year ended in June i believe. I can't find the data.
They spent exactly the same amount as they made? We're not seeing the entire picture here. The football balance sheet is one part of the whole. Perhaps someone moved the excess expenses elsewhere. Can they do that?
Heres a good question, why would you make figures like that public unless you wanted to send a certain message. Im not sure they are required by law to disclose these numbers so...................................
It doesn't appear in the university's financial report. Perhaps you're onto something. I bet SP is behind it.
This could be bigger than Watergate.
They are required to submit revenue and expense documents to the NCAA and in some reports, by law, particularly to the US Department of Education.
The NCAA report can be seen at
Although there has been attempts to standardize things, there is still a lot of variability between colleges in how they categorize specific revenues and expenses.
Make no mistake, the only reason Pitt shows exactly $0 in profit in 2010 is because revenue in the form of subsidization from the university's discretionary reserves is being used to cover the program. I can almost guarantee the program lost money in 2010 year without that general support. The athletic department, in general, gets funding support from university every year because football and basketball doesn't generate enough to float the rest of the department, but there is a limit to what is and can be directed out of the university.
Cost is absolutely affected by ticket sales, bowl payouts and expenses, contract buy-outs, conference revenue distribution (which is affected by post season play), tv revenue which can affected by the network a game is on tv, supplies, airfare, general inflation, and the much higher rate of tuition inflation. There's about a quarter million in tuition inflation over that period, and that doesn't account for room, board and fees. I'm sure Pitt lost a ton on the BBVA bowl both years. Wannstedt's staff's buyouts may be incorporated into 2010. Coaching search expenses? Perhaps the renovations to the UPMC Sports Complex were as well. It is hard to know.
This post was edited by CrazyPaco 18 months ago
Surely they are going to claim a loss for tax purposes. Where did they move it? Or am i having a blond moment?
out-sourced it to india.
Very confusing and alarming. It is not uncommon for athletic department budgets to be balanced for the reason Paco added but football program balances being balanced? That's terrible! Only Sun Belt Schools and Duke are that bad. Rutgers actually lost a couple bucks a few years ago on football and it caused the whole athletic department to implode. Just think, if thats how bad things were in 2010, how bad are things going to be in 2011 with decreased attendence, the costs associated with the Haywood debacle and major losses from the bowl? Penn State's basketball program makes almost as much money as our football program?
very few football programs are profitable.
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