The university said it projects a $25 million shortfall compared to the 2019-20 fiscal year due to revenue losses, including a limited seating capacity that is expected at Texas Tech football games at Jones AT&T Stadium this season.
“Today was an extremely difficult and challenging day for Texas Tech Athletics,” athletic director Kirby Hocutt said. “COVID-19 has had a major financial impact on our athletics department, and it was necessary to make these very difficult decisions.”
All athletic department employees earning at least $30,000 per year will face salary reductions from 3 to 14% depending on compensation level. Hourly employees making $30,000 or less annually will not be affected. The cost-cutting measures are estimated to save the school about $4.49 million over the next year.
Earlier this year, Hocutt and all Red Raiders coaches voluntarily agreed not to take performance bonuses over the next fiscal year, and operational budgets were reduced for most programs.