PSU: Fine not as impactful as it seems

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PSU: Fine not as impactful as it seems

By RACHEL COHEN & BRENT KALLESTAD
NEW YORK -- The 60 million fine levied on Penn State by the NCAA doesn't look so big next to the scale of the athletic department's finances.
Penn State plans to pay the fine, part of sanctions announced Monday over the child sexual abuse scandal, in five annual installments of 12 million.
The Penn State athletic department had more than 116 million in revenue to more than 84 million in expenses for the 2010-11 school year, according to data reported by the school to the U.S. Department of Education. The expenses don't include debt service or capital expenditures.
Penn State won't be able to save money by making cuts in other sports. The NCAA specifically prohibited that as part of the punishment.
Instead of simply cutting costs, the athletic department can make up for any shortfalls in another way: raising money.
Major college athletic departments receive significant financial support from booster clubs. The Nittany Lion Club took in more than 82 million for the 2011 fiscal year, according to its annual report. That includes 34 million in special gifts for facilities. Its annual fund brought in 17 million, and donations for suites and club seats at Beaver Stadium totaled 12 million.
There were 50 contributors who gave at least 20,000 each.
Bob Harrison, Class of 1962, has donated more than 250,000 to Penn State in his life. Frustrated that the NCAA based its sanctions on what he considers a deeply flawed Freeh report, Harrison's support for the school and the athletic department has not wavered. And he believes he's not the only booster who feels that way.
"I would say a high percentage supporting the athletic program will continue to," said Harrison, who worked for Goldman Sachs for 28 years.
Pennsylvania Gov. Tom Corbett demanded assurances from the university that taxpayer money would not be used. Penn State said it would cover it with its athletics reserve fund and capital maintenance budget and, if necessary, borrow money.
The reduction in football scholarships handed down by the NCAA will save the athletic program some. The accompanying bowl ban could also reduce costs, because schools often lose money on lower-level bowls.
The NCAA said the 60 million represented the average annual gross revenue of the football program. The money will go toward outside programs devoted to preventing child sexual abuse or assisting victims.
The Big Ten also announced that Penn State would not be allowed to share in the conference's bowl revenue during the postseason ban, an estimated loss of about 13 million.
At Penn State, the men's basketball team had profits of nearly 5 million in 2010-11, according to the Department of Education report. Teams other than football and men's basketball had about 23 million in expenses, and the athletic department spent another 36.5 million on expenses not allocated to a particular sport. Football cost 19.5 million.
Of course, football revenue could lag if the team struggles badly on the field as a result of the sanctions, and ticket sales decrease.
The university said earlier this month that its fundraising was strong over the past year despite the scandal. Penn State received more than 208 million in donations for the fiscal year that just ended, the second-highest total in school history.

Virginia guard Marial Shayok transferring from program

Virginia guard Marial Shayok transferring from program

By Ben Brown

Following a disappointing end to a once-promising season, Virginia guard Marial Shayok and forward Jarred Reuter will transfer to another school, head coach Tony Bennett announced Wednesday. 

"Marial and Jarred informed me today that they are leaving the Virginia basketball program and are looking to transfer to other schools," Bennett said. "I thank Marial and Jarred for their hard work and contributions to our program, and wish them success in the future."

Shayok was the Cavaliers' second-leading scorer at 8.9 points per game, despite playing only the fifth-most minutes and regularly coming off the bench. The Ontario product scored a career-high 23 points in Virginia's win over UNC-Wilmington in the first round of the NCAA Tournament. 

Reuter averaged 10 minutes a game and averaged 3.8 points per game. 

Shayok and Reuter transferring comes at the end of a very disappointing season for Virginia. The Cavaliers began the season in the top 10 of the AP poll, and halfway through conference play they were near the top of the standings in the ACC. But that was before the team went into a major funk as they lost four of their last seven games, which dropped them to sixth in the conference standings. 

Virginia lost in the second round of the ACC Tournament to Notre Dame, and then got blasted by Florida by 26 points in the second round of the NCAA Tournament. 

In addition to the losses of Shayok and Reuter, London Perrantes, the team's best player and leader, is graduating. 

After a rough regular season, Virginia's offseason is off to a rocky start as well. 

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VCU reportedly wastes little time finding Mike Rhoades, Will Wade's replacement

VCU reportedly wastes little time finding Mike Rhoades, Will Wade's replacement

BY TYLER BYRUM, @theTylerByrum

Less than 24 hours after VCU saw yet another head coach in Will Wade, take off to a Power 5 school, the athletic department has already found a replacement, according to a report. 

Wasting no time, or allowing any speculation to build, the Rams have hired Mike Rhoades, the head coach of Rice, as Will Wade's replacement.

Rhoades will be the 12th coach of the men's basketball program in VCU history. 

The announcement was first reported by CBS's Gary Parrish:

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Rhoades is a former VCU assistant and associate head coach for five seasons. During his time with the Rams he helped the Shaka Smart led team to four NCAA Tournament appearances, including the Final Four run in 2011.

After Smart's departure to Texas, many considered Rhoades to be on the short list of coaches that VCU would contact. His familiarity with the program and the culture was exactly what VCU was looking for in order to have continued success at the school. The athletic department went on to hire a former assistant, but instead hired Wade. 

In 2014, he took on the head coaching position at Rice where he has been for the past three years. His overall record with the Owls is 47-52 with this past year being the only one to finish above .500. Receiving a bid to the CBI Tournament, it was the Owls first postseason appearance since 2012. 

If Rhoades does not work out for the Rams, there is only one more assistant remaining from the Final Four team that has yet to take over the program. Mike Jones is currently the head coach of Radford and has been there ever since that season. 

Wade's departure was yet another in a long line of talented, up-and-coming coaches using VCU as a springboard to a high-major position.

Jeff Capel began the trend in 2006, when he left for Oklahoma after returning the Rams to the NCAA Tournament in 2004 for the first time since 1996. His replacement, Anthony Grant, led the Rams to two NCAA Tournaments before leaving to take the head coaching job at Alabama. Grant's replacem,ent, Shaka Smart, led the Rams to five straight NCAA Tournaments, including a trip to the Final Four in 2011. 

Wade led the Rams to two NCAA Tournaments in his two seasons and is now headed to LSU to attempt to revitalize the program.