The University of Central Florida athletics department is hoping that deferring a loan and increasing an existing credit line will help the department deal with expected losses in excess of $12 million.
UCF officials have approved the measures, including a $3 million loan from the university’s foundation.
As with so many schools across the country, UCF athletics has felt the impact of few football games, which is a major revenue generator for the school.
As part of the financial plan, the UCF Athletics Association could have $1 million loan payments deferred over the next two years, while also seeing its revolving credit line boosted from $5 million to $8 million. The department also hopes to receive an 18-month loan of $3 million from the university’s foundation, which will have to approved by the Board of Trustees.<
“We’re already drastically understaffed compared to the level we’re competing at nationally,” athletic director Danny White told the Orlando Sentinel. “We have been so aggressive with budget cuts. Nobody is doing anything that isn’t absolutely needed.”
UCF Athletics is facing a $12.7 million loss in revenue due to three fewer home football games and stadium capacity that has been capped at 25 percent of capacity. Other expenses include regular COVID-19 testing and new protocols for cleaning and travel.
