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Over recent years, the UCLA Bruins athletic department has racked up some debt. UCLA chancellor Julio Frenk will attempt to cut into that total by allocating bond funds to help lessen the deficit.
Running a deficit isn’t new territory for UCLA, who’s predicting a $220 million budget deficit for the 2025-26 academic year UCLA’s Interim CFO Reem Hanna-Harwel said back in March.
Former UCLA CFO Stephen Agostini told the Daily Bruin that “financial mismanagement” from administrators resulted in a projected $425 million deficit for the same 2025-2026 academic year. Shortly after that, Frenk announced that Agostini would be removed as UCLA’s CFO.
Daily Bruin reporter Natalia Mochernak wrote about UCLA’s budgeting moves this past week.
“Agostini alleged in February that UCLA Athletics incurred a budget deficit because the only two sports that generate profit are the football and men’s basketball teams. He also alleged that UCLA’s decisions to both hire and fire coaches have contributed to the deficit, as well as the university’s ability to share its revenue with student athletes through NIL,” Mochernak said. “Frenk said the move to pay down the accumulated deficit will contribute to financial stability for UCLA Athletics.”
UCLA fired DeShaun Foster last year but have recently signed new contracts for athletic coaches Bob Chesney and Cori Close. We’ll see how much a women’s basketball national championship can help generate revenue for the program moving forward.
The Bruins are still unraveling their financial problems but we’ll see how much of a difference those bond funds can help to address the athletics program’s deficits.
This article originally appeared on UCLA Wire: How are the UCLA Bruins addressing their athletic program's deficit?
Continue reading...
Running a deficit isn’t new territory for UCLA, who’s predicting a $220 million budget deficit for the 2025-26 academic year UCLA’s Interim CFO Reem Hanna-Harwel said back in March.
Former UCLA CFO Stephen Agostini told the Daily Bruin that “financial mismanagement” from administrators resulted in a projected $425 million deficit for the same 2025-2026 academic year. Shortly after that, Frenk announced that Agostini would be removed as UCLA’s CFO.
Daily Bruin reporter Natalia Mochernak wrote about UCLA’s budgeting moves this past week.
“Agostini alleged in February that UCLA Athletics incurred a budget deficit because the only two sports that generate profit are the football and men’s basketball teams. He also alleged that UCLA’s decisions to both hire and fire coaches have contributed to the deficit, as well as the university’s ability to share its revenue with student athletes through NIL,” Mochernak said. “Frenk said the move to pay down the accumulated deficit will contribute to financial stability for UCLA Athletics.”
UCLA fired DeShaun Foster last year but have recently signed new contracts for athletic coaches Bob Chesney and Cori Close. We’ll see how much a women’s basketball national championship can help generate revenue for the program moving forward.
The Bruins are still unraveling their financial problems but we’ll see how much of a difference those bond funds can help to address the athletics program’s deficits.
This article originally appeared on UCLA Wire: How are the UCLA Bruins addressing their athletic program's deficit?
Continue reading...
