Dawn Heinecken, a professor who sits on the athletic

Dawn Heinecken, a professor who sits on the athletic

Postautor: lucky » 13 gru 2017, o 09:00

association board, says the board learned about the Adidas deal "after it was announced publicly. That was the first I heard about it." James Ramsey, who was president of both the university and the foundation, resigned last year amid allegations that he mismanaged endowment funds. Ramsey and Jurich had a close working relationship: Ramsey, in secret, approved additional compensation
Obrazek
that earned Jurich an average of $2.77 million annually over the past seven years and approved several real estate transactions that benefited the athletic department. The Louisville Courier-Journal reported that Jurich's perks included tax "gross-ups" -- meaning the university paid some of his taxes -- membership in three country clubs and premium seats at the Kentucky Derby.
"I don't think Tom Jurich gets this, and I don't think Jim Ramsey got it," says state Rep. Jim Wayne, whose district includes parts of Louisville. "The University of Louisville is Joe Pavelski Authentic Jersey a state facility ... and it is not their kingdom. They are not the kings, and the princes, and the nobility in the kingdom. They're Luke Joeckel Jersey temporary stewards of these programs. And instead of seeing this as something that they should be responsible for and hold high ethical standards as they execute their jobs, they're doing just the opposite."
Out of 125 FBS schools required to report financial data to the U.S. Department of Education, Louisville is the only one that derives more than half of its men's sports revenue from basketball, says Jonathan Jensen, a sports marketing professor at the University of North Carolina at Chapel Hill. Much of that revenue comes from a $238 million taxpayer-funded arena,
the KFC Yum Center, which opened downtown in 2010 and has become a heavy burden on taxpayers. The lease was negotiated by Jurich and the arena authority. Under the terms, taxpayer contributions make up 75 percent of the arena's operating income while Louisville gets to keep most of the revenue -- an arrangement that "blew our mind," says state auditor Mike Harmon, whose office examined the arena's finances. "It was like, 'This is ridiculous.' It's like co-signing the loan for a friend's home and then having to pay three-fourths of the mortgage."
Denis Frankenberger, a local businessman who has dissected the lease in minute detail, calls it "the biggest taxpayer scandal in the history of Louisville." In the arena's first year, men's basketball revenue jumped 58 percent, from $25.9 million to $40.9 million, a trend that continued Forrest Lamp Jersey as the program became the richest in the country. Under the lease, Louisville keeps 88 percent of premium seat licensing, 97 percent of suite sales, all program revenue and half of concessions.
As Louisville was growing richer, the arena was failing -- partly due to the lopsided lease, partly due to tax estimates based on "flawed data," Harmon says. By early this year, the arena required a bailout to keep it from
defaulting on more than $300 million in bond debt. Jurich's athletic department agreed to pay an additional $2.4 million a year. The http://www.texansfootballsprostore.com/WOMENS_YOUTH_BRIAN_CUSHING_JERSEY.html public, meanwhile, was saddled with another 25 years of arena-related taxes totaling hundreds of millions of dollars. In the http://www.officialauthenticchiefsstore.com/Nike-Albert-Wilson-Jersey.html end, the arena will cost more than $1 billion, with taxpayers funding most of it. Despite the bailout, some experts fear the FBI probe's effect on the arena's primary tenant could be catastrophic.
"We took all the risk" on the arena, Jurich insists, pointing out that the athletic budget is heavily dependent on arena funds. When told that the city and taxpayers primarily support the arena, Jurich says he wanted to build it on campus, but city officials persuaded him to move it downtown. "Nobody twisted their arm," he says. "They brought this offer to us. I didn't go to them and say I got to have this, this and this and this."
Told of Jurich's comments, Wayne, the state representative, responds: "That's pure hogwash. They didn't take any risk. When you're getting over 90 percent of all the suite revenue and 90 percent of that revenue goes to the University of Louisville's athletic facilities, and their funds, where's the risk?"
F. Chris Gorman, a former Kentucky attorney general, says: "I think that the tragedy here is this is probably the only community that uses public money to fund a Division I athletic program. That's what led to all this corruption:
They had all this money -- money from the foundation, money from the arena, money from the students. You add all that up, and then they have a budget to compete with the Ohio States of the world. But they haven't done it in an honest way. They've done it by fleecing the taxpayers and by taking money from the foundation, men and women that worked all their lives and thought they were giving money to education."

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Re: Dawn Heinecken, a professor who sits on the athletic

Postautor: valdarian » 12 maja 2018, o 19:37

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valdarian
 
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Re: Dawn Heinecken, a professor who sits on the athletic

Postautor: valdarian » 14 paź 2018, o 21:48

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