On Monday, Texas Tech announced a series of measures to save money across athletic programs.
According to a release by Tech Athletics, The plan to cut costs will start by the elimination of 40 positions across the Tech employee base. The staff cuts will be implemented on Sept. 30.
The University is facing a $25 million loss in revenue as a result of limited capacity at Jones AT&T Stadium and other factors regarding COVID-19, per the release.
For employees that are still earning at least $30,000 per year, Tech will implement salary reductions for all those that fit the aforementioned criteria, per the release. There will be decreases ranging from three percent to 14 percent in line with each respective employee’s compensation level. Hourly Tech employees that are making $30,000 or less will not be part of those impacted by the newly implemented decisions.
Tech already implemented budget cuts for athletic programs at the beginning of the summer in agreement with coaches across all athletic programs that agreed to withhold on performance bonuses through the next fiscal year.
With the new measures, Tech has planned to save roughly $4.49 million over the next 12-month span, per the release.