“Paul felt good, Tech felt good, the fans, the alumni base, all felt good.”

Greg McGarity does not approve of this message.

The transition from coach Paul Johnson to Collins and the hiring of new staff cost the athletic department a little less than $6 million, associate AD for finance and administration Marvin Lewis said Thursday at the quarterly meeting of the Georgia Tech Athletic Association. Tech already was projecting to run a $2.8 million deficit for the fiscal year, but now will be closer to $9 million.

As a result, Tech’s fund balance – its money for a rainy day – has been depleted. It was about $6.65 million at the start of the fiscal year in July.

I’m not really sure Collins needs the security of a seven-year contract.  After all, they can’t fire you if there’s no buyout money in the bank.

18 Comments

Filed under Georgia Tech Football, It's Just Bidness

18 responses to ““Paul felt good, Tech felt good, the fans, the alumni base, all felt good.”

  1. Texas Dawg

    “cost the athletic department a little less than $6 million”. I does not cost that much to buy out JUCO talent.

    Like

  2. Got Cowdog

    Huh. Who knew accounting was harder than calculus?
    Somebody needs to send them a copy of Dave Ramsey’s book.

    Liked by 2 people

  3. J-DawG

    It will be interesting to see their fundraising efforts in the wake of this. I suspect that some of their dot-com flush alumni will come through for them, but nowhere near the level of UGA. I wouldn’t be surprised to see a bond issue floated for facilities upgrade. As much as I despise Tech I do think it is better for the state and for us if they get better and actually become a legitimate Power-5 contender.

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    • Macallanlover

      While I agree it would be better if they had more national respect, and actually beat someone decent again, a legit Power 5 contender? I neither see that as good for us, nor even possible. They are basically harmless at this point, a few 8-4 or 9-3 seasons would help their image but they can basically only hope for a better bowl every decade or more.

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  4. 81Dog

    Tech’s reserve fund is a rounding error for Mc Jughead. Left to his own devices, our AD is penurious, but his moneyed overlords have commanded him to give CKS what he says he needs. UGA can only sign 25 a year, so we won’t ever get everyone in state, but if Tech thinks putting Jeff in a helicopter is going to make recruits overlook their mediocre facilities, dozens of season ticket holders, AND THE CALCULUS, Y’ALL, well…… Good luck with that.

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  5. They made a ton of money off of Atlanta United two springs ago. And Georgia was in town. All of that dried up; add to it – they were mediocre at best with a lousy home schedule. Tech will continue to stuggle.

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    • Uglydawg

      GT should take a page out of UT’s book and rent Atlanta International Raceway for the Clemson and Georgia games. They could see if that jalopy could make it one lap around the track without croaking….or at least rent out the Benz…they would make more money than playing at the old Oglethorpe HS stadium.

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  6. Bright Idea

    Tech is in a tough spot here. The ACCN money better come through because Collins will need 3 years at least to get better and these next 2 could be tough enough to keep folks at home after the novelty of a new coach wears off. If he does even remotely well early in his tenure he’ll get poached by somebody with shinier toys.

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  7. Go Dawgs!

    Well, hey, they should be able to make that money back quickly given their huge stadium that they frequently sell out and their engaged and large base of generous alumni donors.

    LOL

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  8. Russ

    How can they possibly be short of money when all their alumni make a million dollars?

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  9. Texas Dawg

    We are constantly pounded with the message from the nerds at North Avenue Trade School that they are smarter. They make more money. They are superior. Then if they are so smart and rich, how come a 6 million dollar payout has put them FURTHER in the red. Shouldn’t they be flush with cash? After all, it takes (according to them) multiple UGA grads to equal 1 nerd. Apparently they are not quite as good at math (and making money) as they would lead us to believe.

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  10. Y’all are hitting the north avenue trade school kinda hard……NOT……and to hell with georgia tech! GO DAWGS!

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    • Texas Dawg

      “Tech was already on its way to expanding off-field staff, having begun a $400,000 fundraising campaign last winter to fund additional recruiting staff.”
      Isn’t that about what Kirby’s helicopter budget is?

      Liked by 1 person