Tue Jan 06 02:50:00 UTC 2026: Colorado Hires New Athletic Director Amidst Financial Challenges

Fernando Lovo, the new athletic director for the University of Colorado, was introduced on January 5th amidst pressing financial concerns. Lovo, previously athletic director of New Mexico, inherits a department facing a projected $27 million deficit by June 30, 2026. His contract includes a $200,000 bonus if he can raise $25 million in donations by that date. Lovo replaces Rick George, who will transition to a fundraising role after July 1, 2026, and will assist Lovo with fundraising in the meantime.

Lovo emphasized revenue generation as a key priority, stating the need to increase revenue early on. Chancellor Justin Schwartz highlighted the university’s commitment to athletics, suggesting potential financial support despite campus-wide budget constraints. Colorado faces rising expenses, including a new $20.5 million revenue-sharing expense with players, and Deion Sanders’ increased salary to $10 million annually.

Key Takeaways:

  • Fernando Lovo is the new Athletic Director at Colorado, tasked with addressing a $27 million deficit.
  • Lovo’s contract includes fundraising incentives, with bonuses tied to donation targets.
  • The university is committed to supporting athletics financially, despite budget pressures.
  • The deficit is attributed to increased player compensation expenses and Deion Sanders’ salary increase.
  • Rick George will assist Lovo with fundraising efforts, starting July 1, 2026.

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