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Posted on 6/14/16 at 3:10 pm to cardboardboxer
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In 2005, the university agreed to loan its athletic department $16 million to help get its house in order. Much of that money went to upgrade athletic facilities. But in next few years the school also gave head football coach Dennis Franchione a raise, and then, after few more difficult seasons, spent $4.4 million to buy out his contract. The athletic department was expected to begin repaying the loan in annual $1.6 million increments in 2009. But the department struggled in the first few years, and had to lay off staff. The football team then had some disappointing seasons, and a move from the Big 12 conference to the Southeastern Conference cost the department about $12 million. Officials said the school “re-advanced” the department $5.2 million during that transition, allowing the department to restarting paying the money a little more than two years ago. Around that time, the department’s fortunes reversed.
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You can thank Alabama, LSU, Florida and the like for that reversal. Aren't you SEC folks so glad you bailed out aggy?
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