CLEMSON FOOTBALL

Clemson athletics facing almost $20 million deficit
Radakovich said the school had to take out a loan to cover shortfall.

Clemson athletics facing almost $20 million deficit


by - Senior Writer -

Clemson University Athletics is operating under a shortfall of somewhere between $18 and $20 million for the 2020-21 fiscal year due to the effects surrounding the COVID-19 pandemic.

TigerNet spoke with Athletics Director Dan Radakovich Monday, and he reiterated that the fact that Memorial Stadium being at only 19% capacity for the 2020 football season is the main reason for the deficit. However, the deficit is not as large as it is at other schools - the Gamecocks have lost $58 million at the University of South Carolina, and Ohio St. has lost $107 million.

At Clemson, Radakovich said that athletics has had to use some of its reserves and take out a loan to make up the difference.

“For this fiscal year, we are looking at a gap of somewhere between $18 and $20 million. Our expenses will be $18-20 million more than our revenue because we certainly didn't have a full football stadium this past fall,” Radakovich said of the 2020-21 fiscal year, which runs from July 2020 to June 2021. “But we have looked at mitigating that with the utilization of reserves and/or a term loan that we will utilize to try and get back to par and move forward for the 2021-22 fiscal year. We have a great start right now with the amount of pledges that have been moved forward and cash already received from IPTAY, which is very gratifying.

“As well as 53,000 season tickets being sold in football. Selling our allotment for the game in Charlotte of 27,500 - all of those are just incredibly positive signs that people do want to come back and this will be just the year where we have to re-trench a little bit and use some of our reserves and that term loan. And then we will move forward and power out of the pandemic in a positive way.”

Clemson football coach Dabo Swinney took a $687,500 pay cut due to the pandemic, and more contracted athletics employees also agreed to take pay reductions, with employees earning $400,000 or higher taking at least a 10% pay cut. Radakovich said he is hopeful that everyone involved will have full pay restored. He also said that there will be no changes to Swinney’s contract – Swinney wanted his coaches and staff taken care of this time around.

“We have full anticipation that come July when it comes to the pay cuts, things will get back to normal,” Radakovich said. “We did a lot of the assistant coaches, and that was really Dabo's focus this past February. I think that Dabo's contract a few years ago was 10 years and he is starting his third year of that contract, so it was really more of a focus than to take care of some of the things around him, rather than him in particular.”

Clemson unveiled a $67 million plan for upgrades to Memorial Stadium back in October of 2019, but those plans are on hold. The plans call for an upgraded state-of-the-art video, lighting and sound system, a new campus-facing entry, additional seating in the east, and two new club options in the west. Construction will more than double accessible seating in the lower deck, adding approximately 130 new seats.

“We had gotten Phase I approval for a $67 million project. That was obviously put on hold. We are in the process right now of looking at that project with our architects and contractors, looking to bring that back forward to our Board of Trustees in July,” Radakovich said. “But that will be in more of a phased circumstance, and we are trying to work out the right phases. Certainly, the WestZone Concourse Club is something that would add revenue to IPTAY and the athletic department and that is high on the list, as well as the scoreboard project for the video and sound within Memorial Stadium.

"And then you have the locker room and the whole bottom floor of the west side, reutilization of that space and upgrading of that space, along with the east side area, as well as parking lot No. 5, some improvements associated with it. So all of that will go together."

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spacer TNET: Clemson athletics facing almost $20 million deficit
TigerNet News®
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76er®
spacer Re: Just put the laser light Tiger Paw on the field side of
TexasTiger80
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Valley Boy
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TigerDominance
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74TIGER
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clembird
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ggordon
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ggordon
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HollywoodTiger
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OhWiseOne®
spacer Re: Implement beer sales and that deficit is gone in a week
Tigerdug23®
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CM Shack®
spacer Because the pass-out factor will increase with beer sales.***
TigerHawk76®
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Tigerdug23®
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Clemgalalways®
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CUTiger1989®
spacer Re: I blame FSU for canceling their butt-whooping at the
TigerzzRoar®
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Clemgalalways®
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Tigerbalm1
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Lakedude®
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raventiger
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RenegadeTiger®
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Row86
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RenegadeTiger®
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GSCtiger®
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JF43
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Ucel74
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TigerCook®
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coachmac
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coachmac
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Clemgalalways®
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Obed®
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Tigergirlga
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deleted
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CaliforniaTiger®
spacer Re: I have a crazy idea. Why don't we take a breath, sit back
GSCtiger®
spacer Not sure, I haven't been in the upper deck in 20+ years
Obed®
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