Phillip Fulmer requested 15% pay cut as part of Tennessee's budget reduction in athletics
Phillip Fulmer requested a 15% pay cut as Tennessee athletics braces for the effect of COVID-19 on the athletic department's finances.
The Tennessee athletic director informed UT season-ticket holders in an email Wednesday of his decision, which has not yet taken effect as part of cost-cutting measures.
“The request is not expected to encounter any hurdles," UT spokesperson Tom Satkowiak told Knox News.
As of Wednesday, Tennessee has not announced pay cuts for any other coaches or administrators in the athletic department, but Satkowiak indicated that broader cost-cutting measures are being discussed.
Fulmer signed a four-year deal worth more than $1 million annually in April 2018. His contract, which has a base salary of $300,000, supplemental pay of $600,000 and a year retention bonus of $100,000, runs through Dec. 31, 2021. He receives $40,000 annually in compensation for expenses.
Fulmer stated Tennessee cut the 2020-21 operating budget by 20% in all departments as part of what he called a "painful process."
How much revenue Tennessee expects to lose
Fulmer updated UT season-ticket holders Wednesday after he announced Tuesday that Neyland Stadium would be limited to 25% capacity this season due to the pandemic. He loosely outlined UT's financial picture and asked fans to consider spinning their season-ticket purchases into donations.
Fulmer wrote that the way the COVID-19 pandemic has affected UT "makes me sick to my stomach."
Fulmer said he expects Tennessee to lose $30 million to $40 million if the Vols do play football this season with limited attendance.
"If we do not play at all, those losses could double," Fulmer wrote in the email.
Tennessee athletics generated $143.8 million in revenue and $143 million in expenses for the 2019 fiscal year, the most recent year for which figures are publicly available.
The Vols had $96.1 million in revenue in the 2019 fiscal year, which stretched from July 30, 2018 to June 30, 2019. The football revenue accounted for 66.9% of Tennessee's total athletic department revenue.
Tennessee football generated an average of $100.4 million revenue in the past five fiscal years, starting in 2015 and ending in 2019.
Phillip Fulmer requested a 15% pay cut as Tennessee athletics braces for the effect of COVID-19 on the athletic department's finances.
The Tennessee athletic director informed UT season-ticket holders in an email Wednesday of his decision, which has not yet taken effect as part of cost-cutting measures.
“The request is not expected to encounter any hurdles," UT spokesperson Tom Satkowiak told Knox News.
As of Wednesday, Tennessee has not announced pay cuts for any other coaches or administrators in the athletic department, but Satkowiak indicated that broader cost-cutting measures are being discussed.
Fulmer signed a four-year deal worth more than $1 million annually in April 2018. His contract, which has a base salary of $300,000, supplemental pay of $600,000 and a year retention bonus of $100,000, runs through Dec. 31, 2021. He receives $40,000 annually in compensation for expenses.
Fulmer stated Tennessee cut the 2020-21 operating budget by 20% in all departments as part of what he called a "painful process."
How much revenue Tennessee expects to lose
Fulmer updated UT season-ticket holders Wednesday after he announced Tuesday that Neyland Stadium would be limited to 25% capacity this season due to the pandemic. He loosely outlined UT's financial picture and asked fans to consider spinning their season-ticket purchases into donations.
Fulmer wrote that the way the COVID-19 pandemic has affected UT "makes me sick to my stomach."
Fulmer said he expects Tennessee to lose $30 million to $40 million if the Vols do play football this season with limited attendance.
"If we do not play at all, those losses could double," Fulmer wrote in the email.
Tennessee athletics generated $143.8 million in revenue and $143 million in expenses for the 2019 fiscal year, the most recent year for which figures are publicly available.
The Vols had $96.1 million in revenue in the 2019 fiscal year, which stretched from July 30, 2018 to June 30, 2019. The football revenue accounted for 66.9% of Tennessee's total athletic department revenue.
Tennessee football generated an average of $100.4 million revenue in the past five fiscal years, starting in 2015 and ending in 2019.
