DURANGO, Colo., June 2 (UPI) -- The University of Colorado has agreed to bail out its athletic department with an $8 million loan.
The department, hit by a recent football recruiting scandal, has been struggling with low season ticket sales to its football games and a drop in alumni donations, the Boulder Daily Camera reported. Insurance costs also have gone up because of lawsuits stemming from the scandal, and a change in football coaches cost about $4 million.
Mike Bohn, who spent his first year as athletic director struggling with the financial crisis, reported on the department's finances Thursday at a meeting of the board of regents.
"I just think it's obvious there need to be some experienced accountants in athletics," Regent Mike Carrigan said after listening to the dismal numbers.
Carrigan also blamed former Athletic Director Dick Tharp for setting optimistic fund-raising goals.
The board agreed to forgive $2 million in debts the athletic department is expected to owe in 2007.
