The Washington State University Regents have unanimously approved a request to obtain external financing to help pay for the pandemic-caused debt in athletics.
Nearly 36 million dollars in bonds will be sold to help cover revenue losses caused by the pandemic. That debt will be repaid by Cougar Athletics for 20 years. Eleven million dollars in university cash from savings from a recent debt refinancing will also be used to help with the department’s pandemic shortfall. The regents approved taking on the new debt without any discussion during Friday’s vote.
Cougar Athletics long-term cumulative debt is now expected to reach about 90 million dollars. The financial recovery plan calls for athletics to begin paying back it’s cumulative debt after fiscal year 2023.