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Kansas Athletics seeking $20M emergency line of credit

Mitch Lightfoot KU

Mitch Lightfoot #44 of the Kansas Jayhawks celebrates during the game against the Kansas State Wildcats at Allen Fieldhouse on February 25, 2019 in Lawrence, Kansas. (Photo by Jamie Squire/Getty Images)

LAWRENCE, Kan. (AP) — University of Kansas Chancellor Douglas Girod is seeking permission to obtain a $20 million, short-term line of credit in case the coronavirus pandemic significantly modifies the 2020 football and basketball seasons.

The Lawrence Journal-World reports that Girod said in an email calling an emergency meeting of the governing board that oversees Kansas Athletics that the line of credit is just to provide “emergency liquidity.”

Girod said the credit would also allow Kansas Athletics to continue its operations in such a scenario without having to ask the university for financial assistance.

The university is facing a budgeting shortfall of at least $120 million on its own during the current fiscal year.

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