IOWA CITY. Iowa - The University of Iowa is loaning its cash strapped athletic department $50 million.
The money is coming from the school's cash reserve and will be paid back over a 10–15-year period.
An agreement for the athletic department to donate $2 million a year to the main campus is also ending. The arrangement had previously been temporarily suspended.
The loan comes as both the university and athletics have lost millions of dollars over the past year during the pandemic.
The athletic department is historically a self sustaining operation, having sent the main campus more than $20 million from its revenues in 2016