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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.