Georgia AD shares estimated revenue loss due to COVID-19
College athletic departments everywhere are being hit hard financially by COVID-19. On Friday, Georgia athletic director Greg McGarity shared that he estimates UGA will experience a $55 million shortfall in revenue.
“That’s based on what we know the season to be at this time,” McGarity told reporters, per the Atlanta Journal-Constitution’s Chip Towers. “If there was any interruption or anything, it could change those numbers. But that (estimate is) under the assumption that we’re moving forward with 10 (football) games.”
Per the AJC report, McGarity is basing the number off of $151.4 million in revenue for the last fiscal year. Revenue will be down due to canceled games and limited attendance will athletic department costs will be up due to medical testing and other COVID-related protocols such as sanitation. To help make up the difference, Georgia will tap into its reserve fund.
UGA Foundation. Treasurer Ryan Nesbit told the athletic department’s board of directors on Friday that the reserve fund of $100 million has $64.1 million currently unallocated.
Georgia is planning to have 20-25 percent capacity for home football games in 2020. The Bulldogs open the season at Arkansas on Sept. 26, a 4 p.m. ET game airing on the SEC Network. Kirby Smart’s squad returns home in Week 2 to host rival Auburn on Oct. 3. The Deep South’s Oldest Rivalry is set for a 7:30 p.m. ET kickoff and will air on ESPN.