KNOXVILLE, Tenn. (AP) -- Tennessee athletics has posted a $3.98 million deficit for the 2011-2012 fiscal year, and the university says that forced officials to dip into a reserve fund that now has less than $2 million.
The Sports Animal radio station in Knoxville first reported the deficit Monday. The university confirmed Tennessee had more than $106 million in revenues while spending more than $110 million during the last fiscal year.
Tennessee says athletic director Dave Hart has been evaluating a financial model described as "not sustainable long-term."
The athletics department traditionally gives a minimum of $6 million each year to the university and has more than $200 million in debt for athletic facilities. Tennessee also paid two football coaches, three basketball coaches, two athletic directors and two baseball coaches during the last year.
(Copyright 2012 by The Associated Press. All Rights Reserved.)