Tennessee athletics reports deficit of nearly $6.5 million

KNOXVILLE, Tenn. -- Tennessee's athletics department has reported a budget deficit of nearly $6.5 million for the 2018 fiscal year, thanks partly to hefty buyouts for former football coach Butch Jones and athletic director John Currie.

The school reported revenues of $143.55 million and expenses of just over $150 million for the period stretching from July 1, 2017, through June 30, 2018. The information was obtained through a public records request and first reported by the Knoxville News Sentinel.

Those expenses included $13.8 million in severance payments.

The Volunteers owed $11.5 million in buyouts to Jones and his assistant coaches. Tennessee also paid about $2.2 million to Currie as part of a separation agreement reached in March.

Tennessee paid for the deficit through its athletic department reserves, which are now down to about $9.5 million.