Wow, Louisville
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As USA Today had noted, $2.25 million of that came from the Adidas deal. In the two previous years, Pitino received a total of $3 million from the shoe company while the athletics program collected a paltry $35,000, according to the Courier-Journal.
not a good look…
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Maybe Louisville tipped the FBI purposely to get rid of Rick, so they could up their cut?!!!
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There is a lot to be outraged about in this report. This zinger at the end is almost overlooked because the previous revelations are so egregious they nearly numb our sense of injustice…
Jurich, currently suspended because of the scandal, earned more than twice as much as any other AD in the nation last year. His contract included a collection of tax-avoiding boosts and over-the-top perks that brought his compensation to $5.3 million last year.
Tax-avoiding boosts: because making several million a year isn’t enough; you also need to avoid paying those taxes.
I think this is one of the ways the middle class has been constricted.
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Considering that Louisville is essentially broke, I guess it now makes KU the most valuable team in college basketball since it had been consistently ranked second to Louisville.
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I’m wondering if ol’ Rick ends up in prison. This isn’t the first time I’ve had that thought. The way to nail Rick is through flipping Jurich.
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If he has any brains and a good attorney he will have plausible deniability, lots of cover and multi-layers of separation with the known law breakers.
I believe that much like Al Capone, a great number of the people caught in the dragnet will be convicted of tax evasion if they did not declare the payoffs. Afterwards, the NCAA will jump in to pick what is left of the the carcasses.
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KU is very lucky today. Tim Jurich was one of those names a lot of people wanted to hire when Zenger was hired. Avoided a possible major headache with him.
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I am not sure that he would have acted the same way at KU.
In Spanish there is an expression…la occasion hace al ladron…which roughly translates to…opportunity makes the thief…or perhaps a more appropriate…a bad padlock invites a picklock. I would guess that the culture of corruption at Louisville was fertile grounds for wrongdoing. With Bill Self, the proverbial Boy Scout as Head Coach and a number of very decent people at the Williams Education Fund, it is more likely that he would not have pulled the same shenanigans at KU…but I could be wrong.
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JayHawkFanToo said:
Considering that Louisville is essentially broke, I guess it now makes KU the most valuable team in college basketball since it had been consistently ranked second to Louisville.
One probably generalize-able lesson to be gleaned from the Louisville situation is: be suspicious of published “valuations” of private not-for-profit 501.c3 athletic departments. After all, the athletic departments were reputedly spun off from public and private universities into these entities in part to enable them to engage in grey area kinds of fund raising and accounting activities that the management of the parent universities were loath to bear the legal-political risk for engagement in (and reputedly in some cases expressly prohibited from engaging in). Put another way, it was apparently crucial to put some legal-political distance between Chancellors and the bucaneers, er, athletic directors and head coaches, that were (and apparently still are) exploiting college athletics both from within the athletic department and from outside it.
Entities created expressly to play in grey areas aren’t likely sources of reliable information about anything relating to their grey area activities, nor are media portals contracted to distribute and promote the product their grey area activities enable.
President Trump may, or may not be one’s cup of tea in political philosophy, but he is being increasingly vindicated, almost by the day, in his characterizations of most of the mainstream media.
Rock Chalk!
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All schools have to submit extensive financial reports to the Department of Education and all entities associated with the program have strict accounting and reporting requirements ad well.
The program valuation was done by the Wall Street Journal, a reputable source, as well as many other publications. The last one I found was from March, 2016; you can take it for what it’s worth.
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Texas Hawk 10 said:
KU is very lucky today. Tim Jurich was one of those names a lot of people wanted to hire when Zenger was hired. Avoided a possible major headache with him.
This article REALLY does a number on Jurich. http://www.courier-journal.com/story/sports/college/louisville/2017/10/05/university-louisville-tom-jurich-high-pay-unusual-perks/728901001/
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@JayHawkFanToo @jaybate-1-0 As an accountant who actually works for a 501
3 University, the athletics department budget is probably a material department itself within the University. But, it is made up of tons of immaterial parts that would be a very easy place for “grey area” accounting. Think about it this way, a public school who charges has 30k students and has an income of about $20k per student has roughly $600m in revenue just from students. That doesn’t include the millions in donations and other fees or Federal and State money that they receive. We are talking about an average public university having probably close to $750m in revenue when it is all said and done. For something to be “material” it would have to be a HUGE expense. Assuming that the Accounting department has solid controls in place, a material amount is probably something that is around 2% of the revenue that rolls through the university. So, roughly, something around $15m. That is where the grey area comes in. While Financial Aid from the government has VERY strict rules an is audited VERY closely, anything that isn’t Federal Aid and isn’t material is essentially glossed over in the audit process. So, in accounts that are under $15m, there is a lot of chances for things to be hidden under the table. Providing they aren’t material to that specific account. So anything that is basically under $300k on the books isn’t even looked at. Meaning as long as you keep shady transactions below $300k, they probably won’t even get looked at. And even if it does, amounts that small are getting looked at by 1st year auditors who don’t even know what they are looking for. As long as column B adds up to the amount it is supposed to, you probably won’t even get a followup question.
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@JayHawkFanToo There’s also another expression I would lean on about Jurich. A leopard can’t change its spots.
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Fair enough except there is no information or precedent that I know that he was or had been corrupt in the past. He was widely considered one of the best ADs in the business and, as you mentioned, even KU had considered him for the position.
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@ICTJayhawk So, is this the old “ict” Jayhawk from back a few years ago?
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HighEliteMajor said:
@ICTJayhawk So, is this the old “ict” Jayhawk from back a few years ago?
No, sorry. I’m relatively new to the Board…and have never used this nick before I signed on here.
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Welcome aboard!
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@HighEliteMajor Oddly, he hasn’t been on for over 6 months. I always remember the Cole avatar!
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@ICTJayhawk Well welcome then. Thought you might have been the ict mentioned by @mayjay. Goes back well into the kusports days.
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Thanks for the welcome. I have been on KU Sports for sometime…but only as a lurker. Have never registered there either before or after this board went up. Must have been a while ago as I never remember seeing an ICTJayhawk on there. If I had I would have never used the nick on here incase that person wished to use it. If that person is around here, my apologies for unwittingly using your nick.
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I hope we can inspire you to post regularly. A big part of the success of KUBuckets relates to having fresh ideas in here from different points of view.
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I seem to remember the original ICT mentioning something about being in or moving to the Middle East because of work.
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@JayHawkFanToo Too bad it is not a World Wide Web or anything! Of course, I guess he could be in a country that restricts access to subversive open forums (fora) such as ours.
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@JayHawkFanToo I don’t think so, he has a young son.
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Like I said, I seem to remember a member moving to the Middle East and the name that came to mind was ICT; it must be someone else.
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Wow, Louisville? This is the tip of the iceberg. Don’t look now but another coach at a very successful program may be up next.
I’ve always wondered about Sean Miller and his recruiting practices. This “plausible deniability” is a bunch of bull crap. When you are the HEAD COACH of a major program, you don’t stick your head in the sand, and get top recruits. You can’t just say, "Oops, I didn’t know about my assistant coaches illegal activity. YOU ARE THE HEAD COACH, and the buck stops with you. These coaches deserve whatever can be thrown at them to exonerate the game of basketball. This is a step in the right direction on the long road to bring some integrity to college basketball.
Shame on these coaches. It’s not worth your career, your program, your recruits, and the terrible example it sends young players in the game.
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It sounds like Arizona’s loss willl be Kentucky’s gain (or possibly Oregon). Bummer. I’d rather watch Stumpy screw up unscrupulous talent than Cal succeed with it.
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Ha… our website is probably seen as some kind of weird perversion in some countries. And I’m pretty sure we see some of those countries as having perverse culture, too. I don’t really understand some of those cultures… from binding feet to stretching necks.
Think I’m happy to be where I’m at and enjoying our crimson/blue “perversion!”
