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Kansas seeking $20 million credit line to navigate pandemic

Even the schools that are (planning to) play football are hunting for cash.

Kansas chancellor Douglas Girod on Wednesday sought permission from KU's board for Jayhawks AD Jeff Long to seek a $20 million line of credit "in case the COVID-19 pandemic significantly modifies the 2020 football and basketball seasons," according to the Lawrence Journal-World.

KU is scheduled to play an 11-game schedule with six home games, beginning Sept. 12 against Coastal Carolina.

The school has not announced its attendance policy for the upcoming season, but most industry figures have come in around 20 percent. David Booth Kansas Memorial Stadium holds 47,000, meaning 20 percent would come in around 9,400. KU enjoyed the biggest attendance jump in FBS last year, hosting 33,875 fans per game.

The $20 million credit line would offer the athletics department "emergency liquidity" and eliminate the need for athletics to borrow from academics, which is facing its own $120 million budget shortfall.

Kansas reported $121.5 million in revenue against $108.8 million in expenses in 2018-19, the most recent year on record, according to USA Today.

The plan still needs approval from the university's governing board; votes are due by close of business on Friday.

As always, stay tuned to The Scoop for the latest.

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