Five myths about college sports

The Washington Post reports:

most schools lose money on their sports operations, as the NCAA confirms in its financial reports. Extravagant compensation for athletic department employees, especially coaches, as well as waste and mismanagement leave many programs in the red. In 2009, Duke’s highly successful men’s basketball team lost $2 million , Florida Atlantic University had a profit margin of minus 253.7 percent, and Louisiana Tech posted one of minus 306.9 percent. Schools including Rice, Tulane and Colorado State all lost more than $1 million on their men’s basketball programs that year. When a sport does turn a profit, that money is far more likely to stay in the athletic department, subsidizing other sports, than to fund academic programs.

Just a reminder.