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University of Oregon improperly transferred $5.8 million to shore up athletic budget


University of Oregon improperly transferred $5.8 million to shore up athletic budget
Updated Apr 30, 2021;
Posted Apr 30, 2021
The money was supposed to be set aside to pay off bonds used to finance Matthew Knight Arena, where the university s basketball teams plan. Leon Neuschwander for The Oregonian/OregonLive
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Amid a pandemic-caused financial crisis in its athletics department last year, the University of Oregon improperly borrowed $5.8 million from a bond reserve fund, money that was exclusively dedicated to paying off the bonds that paid for the school’s new basketball arena.
The university moved the money in June to shore up the athletic department’s finances as ticket revenue from sporting events virtually disappeared. ....

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