KNOXVILLE — Tennessee's athletic department is hoping to break even when the fiscal year ends June 30 according to a review at the university's board of trustees meeting.
The department ran a deficit of $3.98 million a year ago, dropping financial reserves below $2 million. Officials cut the budget for 2012-13 from $105.9 million the year before. Officials said Wednesday they expect revenues between $96 and $97 million but must see the final expenses for the year.
University officials declined to comment until after the fiscal year ends.
Three consecutive losing seasons in football, and a decline in ticket sales and donations were cited for the revenue drop. Firing coach Derek Dooley last November cost a $5 million buyout, and new coach Butch Jones's contract is worth $18.2 million.