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Saturday, June 15, 2024

LSU Athletics to Stop Funds Transfer to University

Jan 1, 2019; Glendale, AZ, USA; LSU Tigers mascot Mike celebrates with fans during the first half of the 2019 Fiesta Bowl against the UCF Knights at State Farm Stadium. Mandatory Credit: Joe Camporeale-USA TODAY Sports
Photo Credit: Joe Camporeale-USA TODAY Sports

With a new athletic director comes new policies. Under Scott Woodward, LSU’s new AD, the athletic department is considering ending its funds transfer policy that was established under former LSU athletics director Joe Alleva, according to Tiger Rag.

Between 2012 and 2017, LSU athletics contributed nearly $50 million to the university under this policy.

Why the change?

Although any change must come with the approval of President F. King Alexander and the LSU Board of Supervisors, Woodward has made it clear that the department isn’t in favor of bailing out the university. 

“It’s something that’s very dangerous, when universities rely on recurring money, especially from an auxiliary like the athletic department. So no, I think, while I will always support the university in some form or fashion, we can not sustain what we’re currently doing.” – Woodward in an interview with Tiger Rag

Over and above what is normal…

According to Woodward, a funds transfer policy like this is not normal at most institutions. In fact, outside of LSU, of the schools three biggest rivals, Ole Miss, Alabama and Florida, only Florida makes regular funds transfers.

All of them, including LSU, pay the university for scholarships. An expense that costs LSU $16 million annually, according to Scott Rabalais of The Advocate.

Sound off…

“This needs to be run as an enterprise. Recently you’ve seen how much we’ve invested in our student-athletes — unlimited meals, cost of attendance, you name it. It’s covered in a positive fashion from our TV contracts and generous donors. But it’s not ending. We want to continue to focus on our competition in Tuscaloosa and Gainesville and all parts of the SEC.” – Woodward in an interview with The Advocate

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