The Kansas Athletics board of directors on Thursday evening approved a resolution to replace its current $35 million line of credit with a new $50 million line.
According KansasSports.com, the refinancing was authorized through a special digital meeting of the board that was conducted via email between Monday and Thursday. Athletic director Travis Goff presented the motion for the new credit line, which was seconded by KU CFO Jeff DeWitt, and then eight board members voted in support of the resolution while one did not vote.
Goff said in a statement that the implementation of the new credit line “will serve as a low-risk component of our budget strategy and alleviates financial strain on the University.”
“Along with our ongoing work in expense management and revenue growth, this is a responsible and prudent solution that will allow us to manage the challenges and embrace the opportunities that lie ahead,” Goff added.
Financial pressures on all collegiate athletics programs are growing, and Kansas is no different. The school is currently currently raising funds for its new Gateway project, which has a final price tag expected to exceed $800 million. It's also working to cover costs related to student-athlete revenue sharing.
The department expects to spend $18.9 million on revenue sharing and Alston awards during the fiscal year 2026 (which concludes on June 30), compared to zero the previous year.
The new line of credit matures in 2031. That is also approximately when KU Athletics will receive another financial boost. As Goff previously explained, David Booth’s eight-figure annual distributions to KU from his total donation of $300 million have to go toward the Gateway project for six or seven years. Then they become unrestricted for the athletic department’s use.
