Colorado loans its athletic department $10 million

Don't you wish you could loan yourself $10 million?

That's what Colorado did, as the school loaned its athletic department $10 million to help offset a $16 million budget shortfall following the school's move from the Big 12 to the Pac-12.

The athletic department will pay back the loan over six years at two percent interest. What the athletic department won't have to pay back, however, is the additional $6 million it received as a gift, with $3 million coming from both the school's Boulder campus and the University of Colorado system.

"The campus and system saw the overall value of going to the Pac-12 because it is much more consistent with our alumni footprint and with our research collaborations," Frances Draper, Colorado's vice chancellor for strategic relations, told the Daily Camera. "We do a lot with Cal. We do a lot with UCLA and Washington. We were already in joint research agreements with a lot of them.

"The faculty overall were pretty darn supportive of moving over to the Pac-12."

The budget shortfall was created when Colorado had to forfeit nearly $7 million in money from the Big 12 after leaving the conference, and the school only received its share from the Pac-12 Championship Game in its first year in the conference.

Colorado will begin receiving its full share of revenue from the Pac-12 this season, and given the new television deal that the Pac-12 just struck, once that money starts coming in it won't be hard for the athletic department to pay back the loan.
CBS Sports Writer

Tom Fornelli has been a college football writer at CBS Sports since 2010. During his time at CBS, Tom has proven time and again that he hates your favorite team and thinks your rival is a paragon of football... Full Bio

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