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Pac-12 finances: Washington attempts to restructure stadium debt as Big Ten move looms

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Pac-12 finances: Washington attempts to restructure stadium debt as Big Ten move looms


Washington’s athletic department broke the $150 million mark in revenue last year for the first time in school history and reported an operating surplus, according to financial documents reviewed by the Hotline.

But the most significant money matter on Montlake wasn’t included in an 81-page report to the NCAA and is months away from unfolding … if it materializes at all.

The school is “evaluating options” for refinancing the debt on the Husky Stadium renovation, a move that potentially could free up valuable cash for operations as the Huskies transition into the Big Ten.

Washington’s $280 million renovation of Husky Stadium in the early 2010s relied heavily on debt provided by the university’s internal lending program (ILP) over a 30-year period.

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The athletic department paid $12.3 million in debt service in the 2022 fiscal year, per the financial report submitted to the NCAA.

But that figure dropped by approximately $3 million in 2023 after Washington’s board of regents approved a temporary restructuring plan.

The new approach allows the Huskies to make interest-only payments through the 2025 fiscal year, according to the regents:

“Restructure ILP debt service so that fiscal years 2023 – 2025 are $3.1 million lower per year, leaving (athletics) to pay interest only during these years. The principal amounts will be amortized over the life of the loans.”

The interest-only window ends in the summer of 2025, but the pressure on Washington’s budget will not.

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The Huskies begin play in the Big Ten later this year after agreeing to enter the conference, along with Oregon, at a steep discount.

The schools will receive half-shares of the Big Ten’s annual media rights deal with Fox, CBS and NBC.

Over the course of the six-year contract term, that discount will result in the Pacific Northwest powers receiving about $180 million less than their peers in the Big Ten, including USC and UCLA, which were granted full shares when they agreed to join the conference in 2022.

Every dollar UW saves on debt service could help offset the revenue disparity.

As a result, president Ana Mari Cauce’s office and the athletic department have been “evaluating options for debt service in both the near and long term as a part of (the) annual budget development,” per a statement issued to the Hotline by Cauce’s office.

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Any restructuring of the debt beyond 2025, when the interest-free window expires, must be approved by the regents. UW plans to make its case at the June meeting “in conjunction with board budget approvals.”

The savings from a restructured payment plan are not publicly known. But if, for example, the new rate lowered UW’s annual debt service by the same amount as the temporary shift to interest-only payments ($3.1 million annually) — and if that process played out for the entirety of the Big Ten’s media rights deal — the Huskies would save about $19 million.

If funneled to operations, that would cover the salary for a top-tier offensive or defensive coordinator over the entire timeframe.

Other news and notes from UW’s financial report to the NCAA, which was submitted earlier this year:

— The Huskies were one of five schools in the Pac-12 that reported an operating surplus in the 2023 fiscal year, along with Oregon, Cal, Arizona and Utah.

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UW booked $151.6 million in revenue against $150 million in expenses.

— However, the schools include financial support from campus as revenue, in accordance with NCAA reporting regulations.

Washington’s campus support, which took the form of student fees allocated to athletics and direct transfers from the university, totaled $10.3 million last year — the fourth-lowest amount in the conference.

Oregon received no direct help from campus while UCLA received $2.1 million in support and Washington State received $6.8 million.

The total amount of campus support for the 11 schools was $150.5 million, according to an analysis by the Hotline. (USC’s budget was not available.)

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— When campus support was removed from their revenue total, the Huskies showed an $8.7 million operating loss.

Only Oregon, which generated a $3.8 million surplus, fared better.

Arizona State, Cal, Colorado, Stanford and UCLA all produced shortfalls in excess of $30 million when campus support was removed from the revenue total.

— The Huskies declined to provide budget projections for the 2024 fiscal year, citing the changes in athletic directors and head coaches, the Pac-12’s negotiated settlement with the outgoing schools and the university’s new financial accounting system.

The combination has “created uncertainty in FY24 revenue/expenses that we are still actively reconciling.”

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*** Send suggestions, comments and tips (confidentiality guaranteed) to pac12hotline@bayareanewsgroup.com or call 408-920-5716

*** Follow me on Twitter/X: @WilnerHotline

*** Pac-12 Hotline is not endorsed or sponsored by the Pac-12 Conference, and the views expressed herein do not necessarily reflect the views of the Conference.





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Washington National Opera cuts ties with the Kennedy Center after longstanding partnership | CNN Politics

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Washington National Opera cuts ties with the Kennedy Center after longstanding partnership | CNN Politics


The Washington National Opera on Friday announced it is parting ways with the Kennedy Center after more than a decade with the arts institution.

“Today, the Washington National Opera announced its decision to seek an amicable early termination of its affiliation agreement with the Kennedy Center and resume operations as a fully independent nonprofit entity,” the opera said in a statement.

The decoupling marks another high-profile withdrawal since President Donald Trump and his newly installed board of trustees instituted broad thematic and cosmetic changes to the building, including renaming the facility “The Donald J. Trump and The John F. Kennedy Memorial Center for the Performing Arts.”

The opera said it plans to “reduce its spring season and relocate performances to new venues.”

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A source familiar with the dynamic told CNN the decision to part ways was made by the opera’s board and its leadership, and that the decision was not mutual.

A spokesperson for the Kennedy Center said in a statement, “After careful consideration, we have made the difficult decision to part ways with the WNO due to a financially challenging relationship. We believe this represents the best path forward for both organizations and enables us to make responsible choices that support the financial stability and long-term future of the Trump Kennedy Center.”

Kennedy Center president Richard Grenell, who was appointed by Trump’s hand-picked board, said on X, “Having an exclusive relationship has been extremely expensive and limiting in choice and variety.”

Grenell added, “Having an exclusive Opera was just not financially smart. And our patrons clearly wanted a refresh.”

Since taking the reins at the center, Grenell has cut existing staff, hired political allies and mandated a “break-even policy” for every performance.

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The opera said the new policy was a factor in its decision to leave the center.

“The Center’s new business model requires productions to be fully funded in advance—a requirement incompatible with opera operations,” the opera said.

Francesca Zambello, the opera’s artistic director, said she is “deeply saddened to leave The Kennedy Center.”

“In the coming years, as we explore new venues and new ways of performing, WNO remains committed to its mission and artistic vision,” she said.

The New York Times first reported the opera’s departure.

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Founded in 1956 as the “Opera Society of Washington,” the group has performed across the district, taking permanent residency in the Kennedy Center in 2011.

The performing arts center has been hit with a string of abrupt cancellations from artists in recent weeks including the jazz group The Cookers and New York City-based dance company Doug Varone and Dancers who canceled their performances after Trump’s name was added to the center – a living memorial for assassinated President John F. Kennedy.

The American College Theater Festival voted to suspend its relationship with the Kennedy Center, calling the affiliation “no longer viable” and citing concerns over a misalignment of the group’s values.

American banjo player Béla Fleck withdrew his upcoming performance with the National Symphony Orchestra, saying that performing at the center has become “charged and political.”

The Brentano String Quartet, who canceled their February 1 performance at the Kennedy Center, said they will “regretfully forego performing there.”

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CNN has reached out to the Kennedy Center on the additional cancellations.

The opera said, “The Board and management of the company wish the Center well in its own future endeavors.”

CNN’s Betsy Klein and Nicky Robertson contributed to this report.



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Andre Washington’s 20 points help Eastern Illinois take down Tennessee Tech 71-61

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Andre Washington’s 20 points help Eastern Illinois take down Tennessee Tech 71-61


CHARLESTON, Ill. (AP) — Andre Washington had 20 points in Eastern Illinois’ 71-61 victory over Tennessee Tech on Thursday.

Washington shot 8 for 13, including 4 for 6 from beyond the arc for the Panthers (5-10, 2-3 Ohio Valley Conference). Meechie White added 13 points and four steals. Kooper Jacobi finished with 11 points and added seven rebounds.

The Golden Eagles (6-10, 1-4) were led in scoring by Jah’Kim Payne, who finished with 11 points. Tennessee Tech also got 10 points from Mekhi Turner.

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The Associated Press created this story using technology provided by Data Skrive and data from Sportradar.



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Stars defeat Capitals to end losing streak at 6 | NHL.com

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Stars defeat Capitals to end losing streak at 6 | NHL.com


Hintz scored into an empty net at 19:41 for the 4-1 final.

“Everybody played hard, did the right things, got pucks in deep, especially in the third period when we’re trying to close out a lead,” DeSmith said. “So, I thought top to bottom, first, second and third, we were really good.”

NOTES: The Stars swept the two-game season series (including a 1-0 win Oct. 28 in Dallas) and are 8-1-0 in their past nine games against the Capitals. … Duchene had the secondary assist on Steel’s goal, giving him 900 points (374 goals, 526 assists) in 1,157 NHL games. … Hintz has 11 points (seven goals, four assists) in an eight-game point streak against Washington. He had a game-high 12 shots on goal. … Thompson has lost six of his past seven starts (1-5-1).

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