What ACC money?

[TheOrangeBuddha]

I'm under the impression that Gross has maxed out the SU athletic department "credit cards."

Don't we need to pay off the debt first?

Peace

 

[Moontan]

He's got a 5-year payment plan.

 

[MG44]

I'm under the impression that Gross has maxed out the SU athletic department "credit cards."

Don't we need to pay off the debt first?

Peace

Repay debt...?
Before acquiring more?
...Stop it! This Is America!!!

 

[ImperialOrange]

Curious what he's maxed out the credit cards on?

 

[HtownOrange]

Please elaborate. I know we have not been receiving Big East money and will receive an ACC check this summer. What debt has Syracuse acquired?

 

[CuseOnly]

I was gonna say, if SU allowed the AD to borrow on credit...wouldn't we have had the IPF a few years ago?

 

[JoeCollege]

I think OB the OP was more or less saying that the ACC money is being used to pay off the debt incurred(?) by (from what I've read here) some pretty expensive Olympic sports coaches, the NYC advertising blitz and other expensive personnel decisions TGD has made.

Correct me if I'm wrong, OB.

 

[retro44]

who once said" Debt doesn't matter".....but I see what you did here

 

[anglerman]

The NYC advertising blitz! I can't imagine a worse way to simply wasted money. Not sure how anyone with any intelligence at all could have thought that was a good idea. They might as have donated it to charity. Then they would have gotten some use out of it.

 

[TheOrangeBuddha]

I was gonna say, if SU allowed the AD to borrow on credit...wouldn't we have had the IPF a few years ago?

Exactly. Indoor practice facility, upgrades throughout athletic complex, including Coyne fields, upgrades to Olympic sports budgets and other expenditures. I would believe a significant portion of this ACC money has already been spent.

Peace

 

[HtownOrange]

I thought Syracuse did the pay as you go plan instead of using credit. Does anyone have reports to support one way or the other?

 

[OrangeViking]

What about the penalty exit fee from the Big East?

 

[HtownOrange]

What about the penalty exit fee from the Big East?

The exit fee was $5MM. The negotiated fee was $7.5MM to cover leaving a year earlier than scheduled. This was paid back via with holdings from Big East payouts for two years and working out an difference between the settlement amount and the payout totals for 2011/12 and 2012/13 academic years.

 

[Full_Rebar]

Exactly. Indoor practice facility, upgrades throughout athletic complex, including Coyne fields, upgrades to Olympic sports budgets and other expenditures. I would believe a significant portion of this ACC money has already been spent.

Peace

The ACC money was spent about 5-6 years ago...hopefully it won't take another 5 years to get things moving forward for football. Quite frankly, some of the Olympic sports could have their budgets trimmed a bit without impacting performance.

I just hope that when the snow melts, there is some digging done on the IPF site. There needs to be visual progress by the time SU hosts the summer HS camps in June/July.

 

[rrlbees]

The exit fee was $5MM. The negotiated fee was $7.5MM to cover leaving a year earlier than scheduled. This was paid back via with holdings from Big East payouts for two years and working out an difference between the settlement amount and the payout totals for 2011/12 and 2012/13 academic years.

SU went back and forth on this a few times. But I think it ended up that the exit fee was paid for from monies in each department. The argument on that side was that membership in the ACC was a benefit to the whole university and not justthe athletic department. Not sure if it was paid in one lump some or if each department will pony up over x number of years.