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Kansas Athletics seeking $20M emergency line of credit

The Associated Press

LAWRENCE, Kan. – University of Kansas Chancellor Douglas Girod is seeking permission to obtain a $20 million, short-term line of credit in case the coronavirus pandemic significantly modifies the 2020 football and basketball seasons.

The Lawrence Journal-World reports that Girod said in an email calling an emergency meeting of the governing board that oversees Kansas Athletics that the line of credit is just to provide "emergency liquidity."

Girod said the credit would also allow Kansas Athletics to continue its operations in such a scenario without having to ask the university for financial assistance. The university is facing a budgeting shortfall of at least $120 million on its own during the current fiscal year.

The meeting will take place through a group email, with the results of each board member's vote made public. Votes must be submitted by 5 p.m. Friday.

Girod, as chairman of the board, also requested that members give University of Kansas Athletic Director Jeff Long permission to refinance nearly $30 million in outstanding bond debt.

If board members allow Long to undertake the financial restructuring, both the refinanced bond debt and emergency line of credit will be up for a final discussion and vote at the board's September meeting.