Tuesday, May 14, 2013
Maryland working on financial footing
By Adam Rittenberg
CHICAGO -- Maryland has made no secret of the fact that money played a huge role in its move from the ACC to the Big Ten.
The school's athletic program cut seven varsity sports last June to offset the department's multimillion-dollar deficit. In announcing the Big Ten move, Maryland president Wallace Loh said he never again wanted to tell student-athletes that their sport couldn't be funded. The Big Ten's massive financial projections ultimately were too good for Maryland, a founding member of the ACC, to pass up.
Maryland is working toward reaching stable financial footing again.
"It isn't finalized yet, but we're looking at probably by 2017 or 2018 that we'll be able to balance the budget and be stable financially," athletic director Kevin Anderson said Tuesday.
Maryland won't get a full Big Ten revenue share until it has been in the league for five years, Anderson said. The same holds true for Nebraska, which joined in 2011.
Anderson talked about the challenges the Big Ten presents for Maryland and the financial commitment the school must make to compete, especially in football. The Terrapins will be in the same division as Ohio State, Michigan and Penn State beginning in 2014.
"We're looking at places where we might have to make more of an impact," Anderson said. "At some point, we know we will have to make a bigger commitment than what we're making now."
Some Maryland fans initially expressed disappointment about the Big Ten move because the Terps will leave behind many of their longtime rivals in the ACC. But Anderson sees fans warming up to the new league.
"One of the things that excites them and our student-athletes is they know when they travel, they're going to play in front of a lot of people," Anderson said. "That hasn't always been the case with the ACC."