John Arnold, interim chief financial officer of the University of Arizona, told the Arizona Board of Regents on Thursday that Arizona athletics contributed nearly $35 million to a $140 million fiscal imbalance last year.
According to Arnold, the institution began 2023 with $844 million on hand and concluded with $704 million, and has put policies in place to address expenditures, such as a hiring freeze and travel limitations.
Arizona recently parted ways with athletic director Dave Heeke.
Earlier this month, Heeke said that no sports programs will be discontinued due to the issue.
“The national model around college athletics has changed over the last five years,” said Arnold. “As we modernize the University of Arizona sports department, I believe there will need to be a wide community conversation about what we want from UA athletics.
“What do we want from that experience? What items do we wish to offer? Then be realistic about the price of providing such items. We’re going to make it as affordable as possible. We’ll speak about income creation, but we’ll also have to be honest about the cost of having a full-fledged athletic department, or whatever athletic department we decide on going ahead.”
Only a week before Heeke’s resignation, the university appointed Brent Brennan as its new head football coach, succeeding Jedd Fisch. Heeke attended Brennan’s introduction.
Former Arizona softball coach Mike Candrea has taken over as temporary athletic director.
The Arizona Board of Regents approved Brennan’s five-year deal, which would pay him $2.7 million next season. The contract will grow annually to $3.6 million by 2027, with incentives of up to $1.2 million every year.
The institution has come under fire for what was first thought to be a $240 million error, which resulted in the departure of the school’s CFO. ABOR head Fred DuVal stated on Thursday that the university’s cost curve is unsustainable without adjustment.
During a December Arizona Board of Regents meeting, the state responded to the problem with measures to handle finances at the school level, but questions concerning the athletic department’s role in making due were not addressed.
Heeke was hired in February 2017 after serving as the athletic director at Central Michigan University. He supervised the men’s basketball program’s transition from head coach Sean Miller to Tommy Lloyd following NCAA infractions and corruption investigations.
On the football side, he hired both Kevin Sumlin and Fisch before settling on Brennan, with Fisch turning the team around in three years before departing for Washington this month.
This item was contributed to by the Associated Press.
