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Myron Medcalf
Kentucky will ask its board of directors on Friday to approve a plan to convert the entire LLC athletics department, a move which, according to the school, will position it to adapt to the new climate of collegial sports.
Champions Blue, the name of the Limited Liability Company offered from the School, would allow Kentucky to create a public-private partnership and collect funds and manage expenses while college sport goes to a new era If the house’s regulations are approved And schools are authorized to share income with athletes in the years to come, the school said in a statement.
A advice made up of business experts and professional sportsmen will advise the sports director Mitch Barnhart and the president of the Eli Capilouto school under the proposed model, which the school calls one of the first in the sports of division I.
“We believe that this is an innovative approach – a new model of structure and governance which considers in a thoughtful way how we strengthen athletics, protect and promote the university and open new growth opportunities,” said Capilouto. “It is a foundation and a model that we call the Blue Champions. Athletics and its success have always been the result of an incredible and productive partnership with Campus. It will continue to be in the future – if we seize the opportunities in front of us to meet the challenges that await us.”
The public -private partnership could give the school access to unorthodox income sources such as real estate, because college sports are undergoing a change in transformation with schools – under the terms of the house regulations – which should be able to give a pool of $ 20 million to athletes who may also have the opportunity to capitalize on external void. The school said that the proposed model, which would make the athletics department a portfolio company, is the one it used outside athletics to acquire a pair of local hospitals.
Last week, a study by former Auburn sports director Jay Jacobs said that schools should consider hiring human resources services and operate as companies instead of traditional sports departments.
Shortly after the announcement by the school of the model proposed for sports, the Kentucky football coach, Mark Stoops, tweeted: “Big news! Recognizing for the leadership we have at (University of Kentucky).”
Kentucky is one of the most formidable schools in the country. The school sports department generates more than $ 166 million in revenues, according to data from the United States Ministry of Education. This is a TOP 20, according to the USA TODAY database for income from the Sports Department.
But the proposed model, said the school, is necessary to thrive in the next chapter of Collegiate Sports.
“Our mission remains the same: putting championship rings on the fingers and diplomas in your hands,” said Barnhart in a press release. “But how we achieve this objective – how we finance our teams, protect our future and support our athlete students – will have to change.
“This is what this new model represents – an understanding that on the market, we are to the extent that we must be creative. We must find new ways to generate income, manage expenses and think about growth opportunities.”