Iowa AD Gary Barta sends letter to fans, anticipates lost revenue will hit nine figures
Like most other athletic departments across the country, the University of Iowa is going to take a financial hit this academic year. The B1G’s decision to cancel the fall football season makes the impact even worse.
On Monday, Iowa athletic director Gary Barta released a letter to fans, discussing the financial impact that no football season will have on the athletic department. The department is anticipating a nine-figure loss in revenue, due to the COVID-19 pandemic.
“Since early March we have faced many uncertainties and challenges. This past week was difficult on many levels,” Barta wrote.
“We have said from the beginning, the health and safety of our student-athletes, coaches and staff is our priority. Our athletics department is fortunate to have the expertise and guidance of our medical team and partners at University of Iowa Health Care. Unfortunately, the conference determined there were still too many uncertainties to move forward with fall sports.
“We recognize the conference’s decision will have a major financial impact on not only our athletic department, but the many businesses that rely on Hawkeye events to support their livelihoods. We anticipate lost revenue of approximately $100 million and an overall budget deficit of between $60-75 million and are working hard to find solutions. These decisions will be very challenging.”
Other athletic departments have released similar statements with similar figures, as well.
The COVID-19 pandemic, the cancellation of the B1G basketball tournament, March Madness, spring sports and now college football are hitting athletic departments hard. The University of Iowa, unfortunately, is just the latest to make it public.