I spoke to a source today to get a gauge on how workouts are going. Here's what I can pass along....

This is premium content. Please subscribe to view.

I'm at a loss about what's next. I've been scowering the internet for in depth articles about the incoming class and can't find anything beyond a list of players. I'm certain it's a top 10 class,but how it fits with who's coming back(grad seniors, transfers in or out,and returning underclassmen) is the 64 thousand dollar question.

I'm not even sure which Seniors have any eligibility left.🤷‍♂️

Stay dry today my card fans

Louisville has added former Clemson Head Coach Amanda Butler to the coaching staff. They have also added Cortnee Walton as Director of Operations for Women’s basketball. Basketball I like both of these hires getting a former Head Coach on your staff who knows the in’s and out’s of the system is a plus. I
Also like the hire of Walton former players are always welcomed by me.

If the Texas A&M hate for Texas couldn't get any worse....that may have changed today. After losing in the College World Series final vs. Tennessee, the Longhorns take their coach.



COLLEGE STATION, Texas (KBTX) - The day after Texas A&M finished runner up at the College World Series, head coach Jim Schlossnagle is leaving to become Texas’ next head baseball coach according to multiple reports.

Schlossnagle worked with now Texas Athletic Director Chris Del Conte when they were both at TCU.
The Longhorns announced their firing of head baseball coach David Pierce Monday morning, just hours before Texas A&M and Tennessee squared off in a winner-take-all matchup for the College World Series title.

Speculation then emerged regarding both Jim Schlossnagle and the Volunteers’ head coach Tony Vitello.

Jim Schlossnagle is accepting the Texas baseball head coaching job

The day after Texas A&M finished runner up the College World Series head coach Jim Schlossnagle is leaving to become Texas’ next head baseball coach according to multiple reports.

www.kbtx.com

No visitors. I’m told there aren’t many spots left in the 2025 class at the high school level.

I don't know who this guy is but has some interesting tweets:
Login to view embedded media Login to view embedded media Login to view embedded media

Bdnewton must be vacay-ing this week. Hopefully somewhere with a lot of surf, salt, sand and Tequila.

Gotta keep the posts going for Michael Gonzalez day! Really developed into a great, versatile OL for us!

Dunks returning very soon!

In honor of bdnewton, today is day 69! Over at cardchronicle, it’s OC Brian Brohm Day!

Back to the NCAA tournament in 2025!

Two things: baseball only generates $215K? I mean, that's not nothing, but hardly much at all in the grand scheme. Ditch the ticket sales. Also, $3M for construction/renovation of Patterson. I think this was a re-approval, but it's on the agenda again. Let's get it done. I couldn't agree more about improving the overall aesthetics of the stadium.

Which schools have reached out since the contact period started?

“LSU, VCU’s Ryan Odom, George Washington’s Coach Caputo, Providence’s Kim English, Oklahoma State, Michigan State, North Carolina, Louisville’s Pat Kelsey, NC State’s Kevin Keatts, Georgetown, Ohio State, Penn State, Villanova’s Kyle Neptune, Kansas, Texas A&M, Virginia.”

What are your thoughts on Pat Kelsey and Louisville?

“I feel like it’s a great look, he gives the University of Louisville a new face like a fresh start, and Pat Kelsey seems like an amazing coach. I haven’t been around him yet but I’ve spoken to him on the phone and he sounds like he has a good soul and pure intentions. Great coach, a winner, and coaches hard, looking forward to building a relationship with him.”

Login to view embedded media

This article covers highlights of the just released Ohio State Athletics budget. There is a link to a similar article for Michigan at the end of the Ohio State article.

There are some pictures of Louisville athletes on the WBB's facebook page visiting the Just For Kids Hospital. Harris is wearing a boot on her left foot. Anybody here know what her injury is?

To this day next year!

Only 136 days until PK’s Cards tip off!

Here’s my take on last month’s ULAA balance statement. It arrived with the budget that I posted on here. LINK

Assets

Liquidity is the most critical issue we’re facing as the cash drain continues. Cash reported on the last quarterly (March 31) had a negative balance, and it declined an additional $1.2 million the last two months from -$4.9 million to -$6.1 million. Current assets including cash declined from $5.8 million in March to $0.9 million in May. The Republic Bank credit line balance held at $9 million. Subtracting the credit line, NET current assets are now -$8.1 million.

Here are comparable values for May 31 in each of the last three years. 2021 was the year impacted by Covid and when the line of credit was set up…

2020: Total assets = $269 million; net current assets = +$18.8 million
2021: Total assets = $258 million; net current assets = +$1.2 million
2022: Total assets = $248 million; net current assets = -$8.1 million

U of L is systematically experiencing a decline of around $10 million annually in the financial scale of its athletic department. From 2004 until 2017, we increased in size by $15 million annually. Continuing from where we were in 2017, total assets would have been approaching $400 million today. Most of the decline has been cash and liquid/current items. This is because our revenues do not consistently meet expenses.

Net Position

U of L’s net position (NP) or its value after you subtract liabilities has declined to $93 million, down from $99 million last May. NP was $156 million as recently as September 2019. Per the Republic Bank loan covenants, the original credit line was advanced with the provision that NP was >$90 million.

Not sure whether that’s a call provision or not, but U of L is teetering on the edge of a potential issue with Republic. For sure, our status to borrow further is in question.

Where are we headed?

You fix a cash burn problem by raising revenue and/or cutting expenses. Not since Owsley Frazier has U of L had a big donor who helped them meet operating expenses.

Cash burn has existed most of the last five years. The current folks in charge are probably trying to bring in more money. It just hasn’t happened. And after five years, it’s unlikely to be within their capabilities. They’ve been unwilling to simply cut operating expenses which are budgeted to be UP another $7 million in 2023. They evidently don’t want the mantra of downsizing athletics (which will happen anyway.)

U of L still has a large base of fixed assets. A typical operation would look to sell or liquidate fixed assets to meet critical cash needs. I’m not sure U of L has that option beyond selling a golf course or a parking lot somewhere.

Unfortunately, the pace of decline is too great and the financial hole too deep to reasonably expect Josh Heird to make an impact soon. This would be hard for anyone to pull off, much less a new guy in that position. We’re down around $15 million in current assets since Heird took the interim job, which is comparable to the declines in 2020 and 2021 for the same time period. There’s been no improvement.