Fitz weighs in on "It's Patterson"

[wes mantooth]

Been staying out of this but I want to point a few things out ...

1. Why would Gary Patterson ever admit that he did not get a job he wanted? It does nothing to advance his career.

2. I will put my track record and honesty up against Bob Krause's any day. Even my haters, some of whom strangely pay me money to be on this site, would have trouble siding with Krause.

3. It is not a reporter's job not to report, particularly when NONE of the sources were under the understanding that the information could not get out until a certain time. FYI, we often don't report things under request of sources.

4. And finally, two weeks after the initial report (the Thursday leading up to the final game), I had gone from three sources to about a dozen who all said it was still going down. That doesn't add up to someone so mad that they will never talk to K-State again and lines up perfectly with Wefald intervening to hire Snyder.

Now, if you want a reason why Krause was not long after run out, it wasn't about contracts, etc. That damage came out afterward. When you look big donors in the eye and tell them you need money because you've hired Gary Patterson and then later say you never planned on hiring the man, the money will run you out of the department.

If there's one thing I am pleased that came out of this, everyone got to see what a clown show Bob Krause was as AD (and had been on the academic side for years) and sadly how Dr. Wefald had lost a grip on what his job should be. Any more time in office from Krause in particular could have damaged the department so badly it may not have recovered for a very long time.

And, take solace in this. No matter what the damage was Krause did to K-State athletics, it will pale in comparison to what Perkins has done to KU. No one can get a firm number, but reporters are telling me that the LOW number for KU's debt is $45 million. It may exceed $80 million. It sure is fun being the guy who spends the money, but not being the one who has to pay it off.

[wes mantooth]

Also, earlier in this thread someone mentioned that if Snyder leaves in 2 years, they'd be more than happy with Dimel as our coach.   

[WillieWatanabe]

[steve dave]

Fitz is trying to throw Krause under the bus for Patterson just like Wefald threw Krause under the bus for Prince 

[06wildcat]

3. It is not a reporter's job not to report, particularly when NONE of the sources were under the understanding that the information could not get out until a certain time. FYI, we often don't report things under request of sources.

 

It's not a rough ridin' source if you're not reporting the information Fitz. Yeah, you keep sitting on all that prime information your "sources" are giving you. It's gotten you such great access to the program that you were able to break the story about ... well hell you haven't really broken a story since "It's Patterson".

On second thought, I know why you don't release any information until it becomes public knowledge. Your sources suck.

[Trim]

It's Patterson

[Dr Rick Daris]

Fitz is trying to throw Krause under the bus for Patterson just like Wefald threw Krause under the bus for Prince 

yeah. wefald set the precedent. surprised it took two tons that long to jump on the bus and throw krause under it.

[hillwalking03]

Not defending Perkins here, I just don't get Fitz's logic.  We have $50 million in debt, but we also have a new basketball practice facility, new football facilities, new Olympic Sports facility, up grades to the baseball "stadium", softball field, and improvements in the athlete living facilities. 

I guess his reasoning is not having facilities and not having debt>> having facilities, having debt?

[CNS]

Been staying out of this but I want to point a few things out ...

1. Why would Gary Patterson ever admit that he did not get a job he wanted? It does nothing to advance his career.

2. I will put my track record and honesty up against Bob Krause's any day. Even my haters, some of whom strangely pay me money to be on this site, would have trouble siding with Krause.

3. It is not a reporter's job not to report, particularly when NONE of the sources were under the understanding that the information could not get out until a certain time. FYI, we often don't report things under request of sources.

4. And finally, two weeks after the initial report (the Thursday leading up to the final game), I had gone from three sources to about a dozen who all said it was still going down. That doesn't add up to someone so mad that they will never talk to K-State again and lines up perfectly with Wefald intervening to hire Snyder.

Now, if you want a reason why Krause was not long after run out, it wasn't about contracts, etc. That damage came out afterward. When you look big donors in the eye and tell them you need money because you've hired Gary Patterson and then later say you never planned on hiring the man, the money will run you out of the department.

If there's one thing I am pleased that came out of this, everyone got to see what a clown show Bob Krause was as AD (and had been on the academic side for years) and sadly how Dr. Wefald had lost a grip on what his job should be. Any more time in office from Krause in particular could have damaged the department so badly it may not have recovered for a very long time.

And, take solace in this. No matter what the damage was Krause did to K-State athletics, it will pale in comparison to what Perkins has done to KU. No one can get a firm number, but reporters are telling me that the LOW number for KU's debt is $45 million. It may exceed $80 million. It sure is fun being the guy who spends the money, but not being the one who has to pay it off.

Dax boner in 3, 2, 1...

[pissclams]

Not defending Perkins here, I just don't get Fitz's logic.  We have $50 million in debt, but we also have a new basketball practice facility, new football facilities, new Olympic Sports facility, up grades to the baseball "stadium", softball field, and improvements in the athlete living facilities. 

I guess his reasoning is not having facilities and not having debt>> having facilities, having debt?

I wouldn't spend too much time trying to decode Fitz's logic.

[deputy dawg]

Not defending Perkins here, I just don't get Fitz's logic.  We have $50 million in debt, but we also have a new basketball practice facility, new football facilities, new Olympic Sports facility, up grades to the baseball "stadium", softball field, and improvements in the athlete living facilities. 

I guess his reasoning is not having facilities and not having debt>> having facilities, having debt?

It means that Sweet Lew is not the hero Lawrence rubes make him out to be.  K-State could have spent that much money as easily as ku did, but the trick is how to pay it off and meet ongoing obligations.  I looked at the most recently available kansas athletic corporation financials online (year ending 6-08), and annual operating expenses were $60 million.  If you have a 10 year debt service obligation (principal + interest) on that amount, you're looking at a minimum of an additional $5 million annual operating expenses.  ku has some big donors, but it wouldn't take many of those to drop off before ku got into REAL financial trouble.  BTW, aren't a lot of ku's donors real estate developers, and the like?  You know, the sector of the economy crashing faster than cinder blocks thrown out of a moving truck?

[steve dave]

Not defending Perkins here, I just don't get Fitz's logic.  We have $50 million in debt, but we also have a new basketball practice facility, new football facilities, new Olympic Sports facility, up grades to the baseball "stadium", softball field, and improvements in the athlete living facilities. 

I guess his reasoning is not having facilities and not having debt>> having facilities, having debt?

It means that Sweet Lew is not the hero Lawrence rubes make him out to be.  K-State could have spent that much money as easily as ku did, but the trick is how to pay it off and meet ongoing obligations.  I looked at the most recently available kansas athletic corporation financials online (year ending 6-08), and annual operating expenses were $60 million.  If you have a 10 year debt service obligation (principal + interest) on that amount, you're looking at a minimum of an additional $5 million annual operating expenses.  ku has some big donors, but it wouldn't take many of those to drop off before ku got into REAL financial trouble.  BTW, aren't a lot of ku's donors real estate developers, and the like?  You know, the sector of the economy crashing faster than cinder blocks thrown out of a moving truck?

Hey DD, you happen to check the amount of bonds we're getting ready to float for our stadium improvements?

[ArchE_Cat]

Not defending Perkins here, I just don't get Fitz's logic.  We have $50 million in debt, but we also have a new basketball practice facility, new football facilities, new Olympic Sports facility, up grades to the baseball "stadium", softball field, and improvements in the athlete living facilities. 

I guess his reasoning is not having facilities and not having debt>> having facilities, having debt?

The point is Perkins didn't have a plan in place to payoff the debt. It's one thing to have debt when you can project revenue and budget accordingly to pay the debt off. The thing with Perkins is that the debt to projected revenue ratio he was selling turned out to be completely bogus.

[deputy dawg]

K-State is applying to obtain $50 million of bonded indebtedness.  How much of that they will actually incur is an open question.  Surely the basketball practice facility and the long-planned BSFS improvements, but weren't those just over $20 million?

[steve dave]

K-State is applying to obtain $50 million of bonded indebtedness.  How much of that they will actually incur is an open question.  Surely the basketball practice facility and the long-planned BSFS improvements, but weren't those just over $20 million?

no

[Rage Against the McKee]

Not defending Perkins here, I just don't get Fitz's logic.  We have $50 million in debt, but we also have a new basketball practice facility, new football facilities, new Olympic Sports facility, up grades to the baseball "stadium", softball field, and improvements in the athlete living facilities. 

I guess his reasoning is not having facilities and not having debt>> having facilities, having debt?

It means that Sweet Lew is not the hero Lawrence rubes make him out to be.  K-State could have spent that much money as easily as ku did, but the trick is how to pay it off and meet ongoing obligations.  I looked at the most recently available kansas athletic corporation financials online (year ending 6-08), and annual operating expenses were $60 million.  If you have a 10 year debt service obligation (principal + interest) on that amount, you're looking at a minimum of an additional $5 million annual operating expenses.  ku has some big donors, but it wouldn't take many of those to drop off before ku got into REAL financial trouble.  BTW, aren't a lot of ku's donors real estate developers, and the like?  You know, the sector of the economy crashing faster than cinder blocks thrown out of a moving truck?

Hey DD, you happen to check the amount of bonds we're getting ready to float for our stadium improvements?

Great point. KU is not in trouble and K-State won't be either. The additional money from our upcoming tv contract should more than make up for the bond payment, especially with interest rates as low as they are.

[OK_Cat]

I confirmed Patterson to KSU on ksufans several days before Fitz screwed it up.  Just wanted to remind people that, was one of my finest hours.

[my troll name ... Koppe22]

You Mawtards just cant help yourselves, its a real sickness.

[sonofdaxjones]

There's nothing wrong with debt.     The difference between ku and K-State is that at K-State the vast majority of the debt will be directly tied to facilities that generate revenue i.e. suites, stadium clubs, concessions.   Significant portions of the debt at ku is tied to facilities that don't directly generate revenue i.e. offices, practice gyms etc. etc..  The BTF (Basketball Training Facility) at K-State will be entirely or almost entirely paid for with private donations.  

But all in all it may not mean anything, or it may mean a lot.   We'll know a lot more about what's going on at ku when the FBI/IRS/DOJ report comes out, and as I said in another thread, we're very near financial reporting season for FY 2010, the EADA reports to the DOE are due here in a few weeks . . . if things held to form from Perkins comments earlier in the year to USA Today, ku athletics could finish FY 2010 in the red.

My feeling is that Perkins being shoved out ahead of time had nothing to do with losing to NDSU . . . and everything to do with what the auditors are finding.    That way when the $hit hits the fan Bernie can go to the Regents and tell them that she's already sent the head rat packing.

[fatty fat fat]

autoimmune disorder.

[hillwalking03]

My feeling is that Perkins being shoved out ahead of time had nothing to do with losing to NDSU . . . and everything to do with what the auditors are finding.    That way when the $hit hits the fan Bernie can go to the Regents and tell them that she's already sent the head rat packing.

Agreed

[Trim]

autoimmune disorder.

  <-- Fitz (when there isn't important tweeting/perving/destroying KSU football to be done)

[EllToPay]

Would love to see Fitz weigh in.

[Benja]

There's nothing wrong with debt.     The difference between ku and K-State is that at K-State the vast majority of the debt will be directly tied to facilities that generate revenue i.e. suites, stadium clubs, concessions.   Significant portions of the debt at ku is tied to facilities that don't directly generate revenue i.e. offices, practice gyms etc. etc..  The BTF (Basketball Training Facility) at K-State will be entirely or almost entirely paid for with private donations. 

But all in all it may not mean anything, or it may mean a lot.   

Yeah, this is really what it comes down to. Perkins has put ku in a position that any good AD, at least one that plans on sticking around for a while, will try hard to avoid. Not having a clear picture of how debt will get paid off is not an ideal situation. Might end up coming back to bite ku in the ass, or it might not.

What made the Perkins situation so bad is not only the debt he incurred, but how the whole time he was running his mouth about how great everything was going, how many things were gonna get built, how much revenue was coming in... and the whole while the only one coming out on top was him. The only reason ku put up with Perkin's sleezyness and insane ugliness was because he was gonna make them money. Once it became clear he was only worried about making money for himself it was time for him to jump the sinking ship. ku got doped. Sorry suckers. It happens.

[coach bake]

Worked with Patterson's brother in law the last few years and he said he was coming but the "It's Patterson"thing pissed him off.  But I did get some sweet Fiesta Bowl gear from last years game.