Veatch discusses COVID-19’s financial impact on Memphis Athletics Department

Veatch discusses COVID-19’s financial impact on Memphis Athletics Department
U of M Athletics Director Laird Veatch

MEMPHIS, Tenn. (WMC) - The University of Memphis Athletics Department has been lucky. According to AD Laird Veatch, there haven’t been furloughs, layoffs or staff who are taking reduced pay.

“Right now we are not anticipating any of those drastic measures. We are certainly in a very conservative and challenging position just like everyone else, but as of now we’re optimistic that we won’t be in a position where we have to do those things,” Veatch said.

Without spring sports, there’s still a big financial hit. Veatch estimated a total revenue loss of $2.5M dollars this fiscal year. However, with no sports there are more cost-saving measures that have been taken.

“With travel, we had a really good year with the Cotton Bowl, the university has been very supportive so we’re going to be OK this year,” Veatch added. “We’re going to survive this from a current fiscal year standpoint. More uncertainty is about next fiscal year and what that looks like. There’s all kinds of potential cost-saving measures that we’re looking at and again we’re certainly optimistic that are fans will be able to participate and are supportive.”

Some schools had to get rid of programs. Fellow AAC member, Cincinnati, cut its men’s soccer team. According to Veatch, Memphis should not have to go that far.

“That would certainly be a last resort type of scenarios that you really hope to avoid,” he said

According to Veatch, the financial impact could be less depending on how much donors contribute to the Tiger Scholarship Fund. He said the next two weeks are extremely important. Those numbers contribute to the current fiscal year.

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