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Post by sweep on Mar 8, 2021 21:24:12 GMT -6
Athletics is a dumpster fire with their finances right now, have been for several years. They have no money to beg, borrow, or steal. Whit will get extended. Yep. It would cost more to extend him then it would to buy him out.
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Post by 00hmh on Mar 8, 2021 21:36:51 GMT -6
A buyout requires outside funding, as would any buyout for an incoming coach with a contract. There is no budget for either absent that. Your post makes absolutely no sense at all. Seems clear enough I am saying that your ridiculous claim that BSU can easily "borrow" 400K for a buyout is false.
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Post by 00hmh on Mar 8, 2021 21:38:51 GMT -6
It would cost more to extend him then it would to buy him out. How is that?
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Post by halftime on Mar 9, 2021 4:36:15 GMT -6
It would cost more to extend him then it would to buy him out. How is that? So in your world buying him out will be cheaper if we wait another three years. You're just kicking a problem down the road and hoping for a miracle.
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Post by halftime on Mar 9, 2021 4:40:50 GMT -6
Your post makes absolutely no sense at all. Seems clear enough I am saying that your ridiculous claim that BSU can easily "borrow" 400K for a buyout is false. Yeah a major State University Athletic Department borrowing money is a real challenge. There is plenty of Private Capital out there chasing things far more dodgy than this. The only problem you have here is the amount is almost too small.
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Post by Hoopsmith on Mar 9, 2021 7:51:01 GMT -6
Seems clear enough I am saying that your ridiculous claim that BSU can easily "borrow" 400K for a buyout is false. Yeah a major State University Athletic Department borrowing money is a real challenge. There is plenty of Private Capital out there chasing things far more dodgy than this. The only problem you have here is the amount is almost too small. True on two of three points. Problem is, show me some private donors who care enough about the state of BSU basketball to buy out the coach during a pandemic. Maybe we can pass the hat among all the people who "don't want/need another stimulus." The BSU/Muncie fanbase is notoriously cheap, and rough economic waters to boot.
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Post by sweep on Mar 9, 2021 8:24:09 GMT -6
Yeah a major State University Athletic Department borrowing money is a real challenge. There is plenty of Private Capital out there chasing things far more dodgy than this. The only problem you have here is the amount is almost too small. True on two of three points. Problem is, show me some private donors who care enough about the state of BSU basketball to buy out the coach during a pandemic. Maybe we can pass the hat among all the people who "don't want/need another stimulus." The BSU/Muncie fanbase is notoriously cheap, and rough economic waters to boot. I am talking about a loan not a donation. The note holder would likely have no current affiliation with BSU.
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Post by Hoopsmith on Mar 9, 2021 8:40:00 GMT -6
Ah, I see.
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Post by 00hmh on Mar 9, 2021 8:56:01 GMT -6
Seems clear enough I am saying that your ridiculous claim that BSU can easily "borrow" 400K for a buyout is false. Yeah a major State University Athletic Department borrowing money is a real challenge. There is plenty of Private Capital out there chasing things far more dodgy than this. The only problem you have here is the amount is almost too small. Not so fast. Assuming private capital is there, you do realize that there are state laws about spending on athletics at a University.
The athletic department or any other department does not have authority to borrow money without specific statute.
The general statutory authority for state universities to borrow authorizes borrowing for the construction, purchase, or renovation of buildings and physical facilities, including such things as land, equipment, furnishings, and technology that are incorporated within and for the operation of such facilities. No statutory authority to borrow for working capital or operating purposes exists, with limited exception for cash management.
There was some borrowing authority created for this year to give short term line of credit for Covid relief but I do not believe a buyout is going to fit under that or any other exception to the general rule...
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Post by 00hmh on Mar 9, 2021 8:59:04 GMT -6
Not if you think such a loan is an option.
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Post by sweep on Mar 9, 2021 9:15:21 GMT -6
Yeah a major State University Athletic Department borrowing money is a real challenge. There is plenty of Private Capital out there chasing things far more dodgy than this. The only problem you have here is the amount is almost too small. Not so fast. Assuming private capital is there, you do realize that there are state laws about spending on athletics at a University.
The athletic department or any other department does not have authority to borrow money without specific statute.
The general statutory authority for state universities to borrow authorizes borrowing for the construction, purchase, or renovation of buildings and physical facilities, including such things as land, equipment, furnishings, and technology that are incorporated within and for the operation of such facilities. No statutory authority to borrow for working capital or operating purposes exists, with limited exception for cash management.
No, that's for the issuance of tax exempt bonds.
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Post by universityjim on Mar 9, 2021 9:49:27 GMT -6
Not everyone suffered financially during 2020. The company I work for and the company my wife works for both posted record profits for example. While I agree that the BSU Alumni are cheap, that is not true for all and the bigger donors have been there when needed to buy out coaches. Not saying that will happen this time but I wouldn't count it out. Ball State has gotten creative in the past in these situations too. Remember Bill Lynch?
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Post by Hoopsmith on Mar 9, 2021 9:52:11 GMT -6
Not if you think such a loan is an option. It's not that I think it's a valid option or not. What I know is it probably ain't happening. I don't think BSU is going to justify this expenditure in Covid times, whether opening the coffers or repaying a lender. Whitford will likely coach into his last year, regardless of the of the recruiting restraint a lame-duck coach puts the program under, and will either extend him with a fast start or play out '21-22 and not renew... so basically choosing option A, "do nothing/kick the can"
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Post by CallingBS on Mar 9, 2021 10:10:10 GMT -6
Look Ball State could easily pay off Whitford by burrowing the money if they had to. It's less than $400,000. He is gone. Athletics is a dumpster fire with their finances right now, have been for several years. They have no money to beg, borrow, or steal. Whit will get extended. An extension would be a very strong statement that they don't give a rat's ass about quality. If anything, just let him ride it out and be a lame duck next year. I know one thing, I have no interest in supporting a university that extends a guy with a losing record after 8 years.
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Post by Lurkin McGurkin on Mar 9, 2021 10:28:47 GMT -6
Athletics is a dumpster fire with their finances right now, have been for several years. They have no money to beg, borrow, or steal. Whit will get extended. An extension would be a very strong statement that they don't give a rat's ass about quality. If anything, just let him ride it out and be a lame duck next year. I know one thing, I have no interest in supporting a university that extends a guy with a losing record after 8 years. Are you new here?
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