Arkansas Trustees OK $19M Loan for Athletics Debt

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The University of Arkansas System board of trustees approved entering into a loan agreement of up to $19.1 million to help the Razorback athletic department make payments this year and next on debt from facilities bond issues.

As reported by the Northwest Arkansas Democrat Gazette, the loan is a way to refinance annual debt payments and is considered a part of other cost-reduction efforts taken because of the COVID-19 pandemic's effects on athletics, UA officials told the board. Athletic director Hunter Yurachek told board members that the department expects to see at "a minimum" a $20 million reduction in revenue from the $124.6 million originally projected for the year. "Additional shortfalls and revenues can be anticipated if additional events are canceled or further adjustments have to be made to our venue capacity levels," Yurachek said.

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