Similar Stories to University Of Iowa Gives Athletics $50 Million ‘loan’ on Bing News

IOWA CITY — Given tens of millions in losses the University of Iowa Department of Athletics is absorbing from COVID-19’s devastating impact, outgoing UI President Bruce Harreld has agreed to permanently end an earlier deal requiring athletics to contribute $2 million a year in direct support to the main campus.Additionally, the UI main campus — facing budget cuts and tens of millions in pandemic-propelled losses of its own — is nonetheless shipping $50 million to the typically self-sustaining athletics department this budget year.That money, according to UI spokeswoman Anne Bassett, will come from the university’s cash reserves and come “in the form of an internal loan that will be repaid over the next 10 to 15 years.” “Athletics will continue to be a self-sustaining operation,” Bassett said.