Memphis Athletics Budget Update
In response to the financial impacts of the COVID-19 pandemic, Memphis Athletics announced a series of department-wide cost-cutting measures Friday, including the elimination of 19 positions and furloughs for all salaried employees earning $40,000 or more, effective Oct. 1.
"As we have shared previously, COVID-19 has had a major financial impact on our athletics department," said Memphis Director of Athletics Laird Veatch. "Our original budget projections of a $4.4 million deficit have now more than doubled to a range of $9 million to $11.5 million. While we were able to manage some of the projected deficit through cuts to our operational budgets, we have unfortunately been left with limited options and forced to make challenging decisions that impact the lives of our coaches, staff and their families.