KNOXVILLE, Tenn. (AP) -- Tennessee's athletic department will be keeping $6 million each of the next three years instead of contributing that money annually to the university as it did previously. The department is trying to improve its financial situation after reporting a $3.98 million deficit for the 2011-12 fiscal year
In announcing the deficit in August, athletic director Dave Hart mentioned the $6 million gift as one item that needed to be evaluated. Tennessee Chancellor Jimmy Cheek said Tuesday the gift "was committed under different circumstances and we now need to allow athletics to use these dollars to attain financial stability and invest in the future."
The move should aid the Volunteers in their search look for a football coach while paying the $5 million buyout to Derek Dooley, who was fired Sunday.
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