The University of Tennessee's athletics department operated at a nearly $4 million deficit during the last fiscal year, reports Jimmy Hyams of The Sports Animal radio station.
The athletics department had $106,485,376 in revenue and $110,466,652 in expenses, Hyams reports, based on documents The Sports Animal acquired through a Freedom of Information Act request.
As a result, the department's "reserve fund" has shrunk to less than $2 million, far less than other schools in the SEC have accumulated.
Some of Tennessee's expenses will be off the books this year or soon after, but the school is looking to reshape its financial model, Hyams reports. Bruce Pearl, the former basketball coach, received a $950,000 buyout, just one of many the school was paying. Hyams reports "two football coaches, three basketball coaches, two athletic directors and two baseball coaches" were on the books last year because of a series of personnel changes.