I’m not offering this as an editorial comment in any way, but simply to point how other schools go about their financial business.
Florida is about to embark on an ambitious facility upgrade plan involving a new baseball and football facility estimated to cost around $130 million. Here’s how the athletic department plans to pay for it:
For the entire $130 million project (an additional $4 million is needed for relocation of the maintenance department and infrastructure costs), Florida has already secured about $73 million in funding. Of that $73 million, $50 million will be bonded, in a measure approved by the Board of Trustees on Friday. That measure must still be approved by the Board of Governors at the end of June. Another $13 million has already been secured in philanthropic support, while $10 million comes from UAA investment earnings.
That leaves Florida needing to raise about $57 million more prior to breaking ground on the stand-alone football facility.
So, $50 million in borrowing, $13 million directly from donors and $10 million from reserve fund earnings. Definitely different from Athens.
On the other hand, nobody on Mullen’s football staff has called Florida’s AD out for being cheap on the arms race front.