MORGANTOWN, W.Va. — A review of West Virginia’s move to the Big 12 Conference not only has produced disappointing showings in football and basketball, but a recently released financial report for fiscal year 2011-12 were staggering as well.
In short, it showed the university’s Department of Intercollegiate Athletics could be in the red for many years to come.
It is in debt nearly $13 million and could have been almost $16.5 million if the WVU Foundation hadn’t seen fit to hand over to athletics a “gift” of $3.5 million.
According to the report, the department cikkected revenue of about $80 million and expenses also set an all-time record of about $93 million.
This current deficit reportedly follows nine consecutive fiscal years ending with a profit.
Details for this story were provided by The Times-West Virginian in Fairmont, W.Va.