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N.C. State announces reduced revenue projection, cost-cutting in athletics department

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N.C. State announces reduced revenue projection, cost-cutting in athletics department

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RALEIGH – N.C. State is expecting athletics department revenue to fall short by $25 million to $35 million during 2020-21 and is implementing cost-cutting measures.

Among the measures, effective Oct. 24 through June 30, 2021, and announced in a post at GoPack.com by athletics director Boo Corrigan:

• Temporary salary reductions of 20 percent for coaches and staff members making $200,000 or more.

• Temporary salary reductions of 15 percent for coaches and staff members making $100,000 to $199,999.

• Furloughs totaling 19 days each for coaches and staff members who make less than $100,000.

State’s athletics department, according to the U.S. Department of Education’s Equity in Athletics database, reported revenue of $92.7 million in 2018-19 and expenses totaling $91.1 million.

“COVID-19 has continued to disrupt our Pack this fall as championships have been pushed to the spring, and football and fall sports seasons began without fans in the stands,” Corrigan wrote.

“We have taken proactive and ongoing measures through operational cuts, reduction in overtime, and positions left vacant across the department. However, we are still facing a significant departmental revenue deficit.”

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