Colorado loans its athletic department $10 million
School loans its athletic department $10 million to help offset budget shortfall following move 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.
The Horned Frogs looked a lot like their old selves on Saturday afternoon in Stillwater
Stay with us all day Saturday for updates and highlights from Week 4 of the 2017 season
Harbaugh also said that Trump's comments at an event in Alabama were 'ridiculous'
The Horned Frogs had all the right defensive answers for the Cowboys
The Tide looked as you'd expect the top team in the country to look on Saturday in Nashvil...
Tua got plenty of action in the second half of Alabama's win at Vanderbilt