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McMurphy: SEC to provide each member university $23m to offset COVID losses
Posted on 5/19/21 at 4:42 pm
Posted on 5/19/21 at 4:42 pm
quote:
Brett McMurphy
@Brett_McMurphy
SEC provides each member university $23 million supplemental revenue distribution to help mitigate financial impact of COVID pandemic on SEC athletics programs. SEC is using future conference revenues to provide the 1-time supplement for regular 2020-21 fiscal year distributions
4:09 PM · May 19, 2021
ETA: Statement from the SEC
quote:
This one-time supplemental distribution of revenue is designed to help offset a portion of lost revenue that each campus experienced while operating in the COVID-19 environment. Revenue shortfalls varied across SEC members but averaged approximately $45 million per SEC athletics program. [In particular, the SEC noted the extraordinarily high costs of testing its athletes for COVID-19 multiple times per week -- at least $2 million per program, Sankey told Ross Dellenger of Sports Illustrated.]
The SEC is using future increases in media rights revenue to facilitate this supplemental distribution to its 14 member schools. Beginning in 2025, the SEC will allocate a portion of the media rights fees to be received by the conference to fund the supplemental distribution. The SEC projects that its annual distribution to each school will still increase in 2025 and beyond, even after a portion of the new revenue is reallocated.
While each athletic department will be permitted to utilize the supplemental funds at its discretion, the expectation is that the supplemental revenue will be used to maintain each school's historically high standards for academic, athletic, medical, nutritional and mental health support for their student-athletes and help offset the significant costs associated with COVID testing during the 2020-21 athletic year.
This post was edited on 5/19/21 at 5:08 pm
Posted on 5/19/21 at 4:48 pm to jatebe
That will offset lsu probation fines
Posted on 5/19/21 at 4:49 pm to nicholastiger
quote:
That will offset lsu probation fines
Posted on 5/19/21 at 4:49 pm to nicholastiger
Bama may actually get to Nuke Coleman now
Posted on 5/19/21 at 4:50 pm to njimbo39
Not with current construction costs.
Posted on 5/19/21 at 4:51 pm to paperwasp
It’s basically just a loan to help schools out, they gotta pay it back when TV revenues happen.
Posted on 5/19/21 at 5:03 pm to DuckTalesLOL
quote:
It’s basically just a loan to help schools out, they gotta pay it back when TV revenues happen.
I didn't read it that way:
quote:
The SEC is using future increases in media rights revenue to facilitate this supplemental distribution to its 14 member schools. Beginning in 2025, the SEC will allocate a portion of the media rights fees to be received by the conference to fund the supplemental distribution.
...each athletic department will be permitted to utilize the supplemental funds at its discretion...
I assume that at a future date, each school may receive slightly less after this distribution comes out of the total pot, but the renegotiated (higher) media rights fees should generally cover it, right?
Posted on 5/19/21 at 5:04 pm to DuckTalesLOL
Will this subsidize the cost of nachos to prevent more price increases at the concessions stand?
Posted on 5/19/21 at 5:08 pm to Chad4Bama
quote:
Will this subsidize the cost of nachos to prevent more price increases at the concessions stand?
Depends. Regular nachos, or Dreamland nachos?
Posted on 5/19/21 at 5:48 pm to Harry Rex Vonner
quote:
strong arse offer
Posted on 5/19/21 at 6:29 pm to paperwasp
This is why the SEC is the elite conference.
Posted on 5/19/21 at 6:44 pm to JackTraven
quote:
This is why the SEC is the elite conference.
This Twitter response cracked me up
Posted on 5/19/21 at 6:44 pm to Harry Rex Vonner
As much as sec likes to eat their own the conference does a very good job supporting it’s membership
I can’t imagine supporting Texas
I can’t imagine supporting Texas
Posted on 5/19/21 at 6:51 pm to paperwasp
quote:
This Twitter response cracked me up
It’s perfect. We’re just so much better managed. Big ten tried to cancel not only their season but everyone else’s. SEC figured it out
Posted on 5/19/21 at 6:56 pm to deeprig9
quote:
Commie bastards
ah yes, loans are certainly a bastion for the communist agenda. We must stay vigilant against the communist banks.
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