Pay reductions have become an unfortunate norm during this worldwide pandemic. The sports world is not immune to them, either.
NCAA president Mark Emmert announced on Tuesday that he was taking a 20 percent pay cut along with members of senior management. College sports have lost out on significant revenue thanks to the cancelation of the NCAA Tournament and other events.
One Power 5 school has become the first to publicly announce a temporary pay reduction for coaches and other staff members.
Iowa State athletic director Jamie Pollard announced the decision on Wednesday night. The Cyclones are cutting $4 million in salary and bonuses over the next year.
I could not be prouder of all our coaches and staff for uniting as one on these tough decisions that will save over $4M annually. Letter To Iowa State Fans – Iowa State University Athletics https://t.co/McVZ7J8mEA
— Jamie Pollard (@IASTATEAD) April 1, 2020
Here’s what Iowa State is implementing, from the letter:
- A one-year, temporary pay reduction for athletics department coaches and certain staff. This comprehensive plan will reduce total payroll by more than $3M.
- A one-year, temporary suspension of all bonuses/incentives for all coaches. This decision will save the department $1M.
- Delaying (from January 2021 to January 2022) a previously announced increase in Cyclone Club annual giving levels. The delay will save donors approximately $2.5M for required seating donations.
- A freeze on season / individual game ticket prices for all sports.
- An extension to the deadline for this year’s Cyclone Club donations and football season ticket renewals to May 29, 2020.
- Providing multiple payment options for season tickets and donations. Those required payments can be made monthly, quarterly or semi-annually.
Iowa State said it missed out on about $5 million in revenue due to the cancelation of the NCAA Tournament and the Big 12 Tournament.
“We can now turn our attention to solving many other issues in the coming months. It was also important to us to provide our loyal ticket holders and donors some relief in regards to ticket prices and donations,” Iowa State announced.