UNC asks its athletics boosters to help offset $30M in lost ticket sales and TV money
No matter how many wins the Tar Heels get on the football field and basketball court, UNC athletics can’t avoid a big financial loss this year.
UNC-Chapel Hill Athletics Director Bubba Cunningham said the school expects to lose up to $30 million from lost ticket sales, reduced television revenue, limited fans in stadiums and other financial challenges due to COVID-19. Those revenue losses could go up to more than $50 million, the News & Observer previously reported.
So UNC is turning to athletics boosters, asking for donations to a new fund to help offset the loss.
In a letter to Rams Club members Tuesday, Cunningham said boosters can make unrestricted gifts to the new Carolina Victory Fund that will offer immediate help to Carolina’s 28 varsity sports programs.
“The impact of the COVID-19 pandemic has been catastrophic to our budget, and we are asking our top benefactors to ensure continued opportunities across our broad-based program by contributing to the Carolina Victory Fund,” Cunningham said in a statement. “This is a challenging time, and we hope you can help us meet this challenge.”
UNC’s ‘financial hurdle’
Donor gifts will go toward scholarships, sports operating budgets and academic, medical and nutritional support for student-athletes, according to the university.
The reductions in operating budgets, staff size and other athletics services threaten the level of excellence expected from Carolina Athletics, Cunningham said.
“The pandemic has created a financial hurdle that has the potential to adversely affect the athletics program’s ability to provide the outstanding student-athlete experience for which Carolina is well known,” Cunningham said.
UNC’s athletic department has had years of financial growth and brought in $107.8 million in revenue in 2019, the News & Observer previously reported. However, that cash hasn’t saved Carolina Athletics from the financial crisis caused by the pandemic. UNC coaches and staff members have already taken pay cuts or been furloughed this fall.
Crowd size restrictions
The university released its men’s basketball schedule Tuesday and women’s schedule Wednesday, but has not offered details about reduced fan capacity at the Smith Center and Carmichael Arena.
Gov. Roy Cooper lowered the limit for indoor gatherings to 10 people under Phase 3 of COVID-19 restrictions on Tuesday, and businesses still have occupancy restrictions inside.
Outdoor venues with at least 10,000 seats can still be open at 7% capacity, which is how some fans were able to attend Carolina football games this fall. The university is waiting for more updates on large indoor venues.
Cunningham said in a Nov. 5 message to fans that they want to include as many fans as possible, but their first priority will be allowing family members of student-athletes and coaches into the arenas for games.
This story was originally published November 11, 2020 at 12:06 PM with the headline "UNC asks its athletics boosters to help offset $30M in lost ticket sales and TV money."
