CB Note: "The University of Hawaii at Manoa Athletic Department has no plan in place to pay back the more than $10 million it has borrowed from school funds since 2002.
The Chancellor's spokesman Gregg Takayama said that the Chancellor's office does not expect the debt to be paid back:
"right now or even in the immediate future. We can't provide a timeline at this point. There is no crystal ball as to the future finances of the athletic department. They could win the nation championship and gain a financial windfall but, you know, it's not something that we're banking on at this point." (CB)
About how the Athletic Department is charged interest on its debt, Associate AD Carl Clapp said in June:
"Athletics has borrowed against the pooled cash (of the university) and athletics is charged interest on the amount borrowed." (CB)
CB Note: "But Takayama said Wednesday that there is no strategy or timeline for the athletic department to pay the money back. In fact, Takayama couldn't say for certain if athletics would have to repay anything at all."
About the financial arrangement between UH and the Athletic Department, Takayama said:
"It's an open understanding." (CB)
http://www.civilbeat.com/articles/2010/07/14/2798-uh-manoa-athletic-department-what-10-million/
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