KNOXVILLE, Tenn. (AP) — Tennessee athletics has posted a $3.98 million deficit for the 2011-2012 fiscal year, and the university says that forced officials to dip into a reserve fund that now has less than $2 million.
The Sports Animal radio station in Knoxville first reported the deficit Monday. The university confirmed Tennessee had more than $106 million in revenues while spending more than $110 million during the last fiscal year.
Tennessee says athletic director Dave Hart has been evaluating a financial model described as “not sustainable long-term.”
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The athletics department traditionally gives a minimum of $6 million each year to the university and has more than $200 million in debt for athletic facilities. Tennessee also paid two football coaches, three basketball coaches, two athletic directors and two baseball coaches during the last year.