LUBBOCK, Texas (KCBD) - Texas Tech Athletics have announced a “series of cost-cutting measures across the athletics department,” including salary cuts and the elimination of 40 positions, due to the economic impact of COVID-19.
The University issued a release Monday, saying the eliminated positions will be effective on September 30.
Texas Tech says they are currently expecting a $25 million shortfall in revenue compared to the 2019-20 fiscal year.
They are also instituting salary reductions for all employees earning at least $30,000 a year, with progressive decreases ranging from 3 to 14 percent based on each employee’s compensation level. The school says hourly employees making $30,000 or less annually will not be financially impacted by this decision.
Between the eliminated positions and pay cuts, officials estimate the University will save around $4.49 million over the course of the next 12 months.
“Today was an extremely difficult and challenging day for Texas Tech Athletics,” Director of Athletics 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. We will continue to support our student-athletes and each other as we move forward.”
Texas Tech previously reduced its operational budgets for most of its athletics programs and individual units earlier this summer, school officials say all coaches across every sport as well as Hocutt voluntarily agreed to withhold any performance bonuses over the next fiscal year.