LOUISVILLE, Ky. (WAVE) - All University of Louisville head coaches have agreed to take a 10% pay cut as UofL battles an expected budget shortfall in the wake of the cancellation of the NCAA men’s and women’s basketball tournaments and all spring sports.
“We are gonna have the senior staff and head coaches forgo 10% of their compensation during the next fiscal year starting July 1 through June 30, and we do have four coaches at the top that are $1 million dollar plus earners, and they’ve been great,” UofL vice president of athletics Vince Tyra said.
Tyra will personally forgo a pair of $150,000 bonuses as well as a 10% reduction of his base salary of $800,000.
The university is currently under a hiring freeze and is looking for more ways to save money.
The salary cuts will equal out to a savings of around $1.75 million dollars.
“We are looking at a number of initiatives, but as it gets into sport budgets, you’re gonna see, there’s gonna be quite a bit. We may be on buses more than teams like, incidental meals,” Tyra added. “We’re looking at all our agreements with any vendor, any commitments we have out there, everything is under review right now as we get in and start to tally up the initiatives.”
Tyra would not speculate on a potential delay of the college football season this fall.
“Everyone is gonna work hard, the NCAA, the ACC, to hopefully maintain most, if not all, the football schedule,” he said.
Tyra says that his feeling is that players and coaches will most likely need at least 60 days to begin preparations for the beginning of the football season.
The Cards scheduled opener is Thursday, September 3, against NC State.