Between Kirby Smart, the Georgia Way and the threat of a decline in revenue, something’s gotta give. Lucky for us, Greg McGarity is on the mother.
McGarity said Georgia is starting a list of “different buckets” that could be affected by the coronavirus crisis.
“Depending on football, obviously, that’s the big unknown now,” McGarity said. “We’re planning as if a football season is going to happen. If that doesn’t happen, that’s a whole another environment.”
Georgia’s football ticket revenue for fiscal year 2019 was $33.4 million, according to a figure provided to the athletic board.
The school also gets a guaranteed $11.5 million annually from its multimedia rights with partner IMG for advertising events that could be affected.
“Is your TV revenue somehow adjusted, are your ticket sales adjusted in some form or fashion?” McGarity said. “There’s a lot of areas that we know could be affected but we really don’t have any data at this point to really be able to comment on specifics.”
There are holes in all of Greg’s buckets, but until he can see how much water is flowing out, he can’t figure out what to do. But he’s worried about his precious.
McGarity said he didn’t know yet what those figures were because of the uncertainty of how the SEC revenue distributions will be affected for fiscal year 2021.
“We’re hoping and praying that doesn’t happen,” he said. “We also have to be realistic if football was not part of that what does that mean with our reserves, how much of the reserve can we utilize to make us somewhat whole. That’s why we have a reserve, thank goodness. We’re probably in better shape than a lot of institutions because of our financial stability.”
I think he misspelled “our rabid fan base”.
Georgia already extended the football season ticket renewal deadline to April 6, but will handle any “unique circumstances,” for any donors that need to work out a payment plan “if it helps ease the situation due to the economy right now,” McGarity said.
Fundraising for the expansion of the Butts-Mehre building stood at $54.2 million as of last week…
But that’s okay. We know what he meant.