Wow. Perennial Sears Cup champ cuts 30% of varsity sports.
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A Google search shows Stanford's endowment was north of $27 billion in 2019. Even if we assume it has taken a financial hit of late, a school with Stanford's reputation and resources doesn't need to cut minor sports programs "to create fiscal stability." I'm not buying the rationale. (I know endowments aren't freely available for all uses. But I don't believe Stanford needs to do this to make ends meet.)
I was under the impression that many schools took hits on their endowments and some unable to recoup. Also schools can't dip into their endowments whenever they wish.
Anyone?
The sports being cut are: men’s and women’s fencing, field hockey, lightweight rowing, men’s rowing, co-ed and women’s sailing, squash, synchronized swimming, men’s volleyball and wrestling. Almost none of these, except wrestling, are sports practiced in a majority, or even a large minority, of high schools across the country.
@TPM posted:I was under the impression that many schools took hits on their endowments and some unable to recoup. Also schools can't dip into their endowments whenever they wish.
Anyone?
The vast majority of Stanford’s endowment is directed toward specific long-term uses, including need-based financial aid for students, and is not available to backfill an ongoing structural budget deficit in a specific department. In addition, while Stanford Athletics benefits from a robust community of generous supporters, their philanthropy simply could not cover the escalating costs of ensuring excellence across the board in our 36-sport model.
- Of the 11 sports being discontinued, six (lightweight rowing, men’s rowing, co-ed and women’s sailing, squash, synchronized swimming) are not NCAA-sponsored championship sports.
- All 11 sports being discontinued are sponsored by less than 22% of the more than 350 Division I institutions, and nine (men’s and women’s fencing, lightweight rowing, men’s rowing, co-ed and women’s sailing, squash, synchronized swimming, men’s volleyball) are sponsored by less than 9%.
- There are only two other Division I field hockey programs on the West Coast, and there are no other fencing, lightweight rowing, sailing, squash or synchronized swimming programs on the West Coast.
Brutal. Where do those coaches go?
Weren't the sailing coaches associated with the admissions scandal last year?
@anotherparent posted:Weren't the sailing coaches associated with the admissions scandal last year?
I believe that is correct.
Most (all?) of these are Olympic sports, which is one reason I'm surprised Stanford would cut them.
The announcement says $200M is required to sustain these programs. News reports say the decision is final, even if donors offer to provide that sum. That suggests this is about more than (just) money. The pandemic is creating a financial squeeze, which may provide cover to make some difficult cuts.
@RJM posted:
- Of the 11 sports being discontinued, six (lightweight rowing, men’s rowing, co-ed and women’s sailing, squash, synchronized swimming) are not NCAA-sponsored championship sports.
- All 11 sports being discontinued are sponsored by less than 22% of the more than 350 Division I institutions, and nine (men’s and women’s fencing, lightweight rowing, men’s rowing, co-ed and women’s sailing, squash, synchronized swimming, men’s volleyball) are sponsored by less than 9%.
- There are only two other Division I field hockey programs on the West Coast, and there are no other fencing, lightweight rowing, sailing, squash or synchronized swimming programs on the West Coast.
This info is what stood out to me, along with the direction of supporting these sports as club sports where applicable. Just seems to make sense. The exception would be the Olympics angle as Chico pointed out.
@TPM posted:I was under the impression that many schools took hits on their endowments and some unable to recoup. Also schools can't dip into their endowments whenever they wish.
Anyone?
Endowments got crushed when the markets dislocated due to Covid but S&P is down small YTD and the NASDAQ is up nicely so as long as they didn't panic they should be in ok on their equity holdings. Not sure if they took big credit hits but my guess is they stayed the course and are probably not in bad shape relatively speaking. That would be my guess.
Look who Stanford has to play to compete in field hockey. Field Hockey’s hot bed is Pennsylvania. The ACC and Big Ten has used their clout as P5s to corner the talent market. The travel expense alone could have been the decision maker. Four other sports cut have the same geographic issues.
I definitely can see why Stanford might want to make synchronized swimming or sailing club sports (not to pick on those--just for example) . And I even could see them saying "the costs aren't justified for the benefit provided to our students and the institution." But for Stanford to plead poverty seems like a rationalization.
These are upper-class sports, Stanford was giving admissions slots for them, which is what led to the sailing scandal, and then they were having to pay to support them as well. Having them as club sports makes sense; Olympic athletes will find other ways to train.
@anotherparent posted:These are upper-class sports, Stanford was giving admissions slots for them, which is what led to the sailing scandal, and then they were having to pay to support them as well. Having them as club sports makes sense; Olympic athletes will find other ways to train.
If a kid can get into Stanford to row, sail or fence chances are he can get into an Ivy to row, sail or fence.
If Cal has any of the eleven sports with the same issues just so they could maintain the rivalry with Stanford the only thing left is the betting pool on the timing of Cal’s announcement.
Back in June, Brown cut the following sports, moving them to club: men's and women’s fencing, men's and women’s golf, women’s skiing, men's and women’s squash, women’s equestrian, and men’s track, field, and cross country.
Stanford MVB is a perennial powerhouse and is surrounded by a lot of over powerhouses on the west coast. I'm surprised at its inclusion on this list
List of college teams cut due to COVID ...
I can’t imagine being a SA in that situation at Stanford. Having to choose between your sport vs staying a a very prestigious university. So sad.
I'm beginning to think cynically that some of these budgetary decisions were considered previously (like the Milb league contraction). Covid19 gives school officials an easy reason to give for program cuts.