But this time, we're making a little more money. We've made just about 1.7 million a year for the TV for the last contract. This one, Diamond Lew negotiated that we be making thrice that. That's right....thrice that.
According to the Star:
The Kansas athletic department has signed a seven-year contract extension with ESPN Regional Television that will bring substantially more revenue to the athletic department.
Contract figures revealed by the school Thursday showed a more than 300-percent increase in the yearly income KU will receive from ESPN. The deal will net Kansas $40.2 million, or about $5.74 million per year.
Diamond Lew is happy:
You can safely say this is one of the largest agreements in the country," KU athletic director Lew Perkins said Thursday night. "I'm telling you, this is huge. We're not talking about peanuts here. We're playing in the big time now."
This also answers the question that has been on many a person's mind: Where will the money come from for the new Scoreboard?
Says Lou: Perkins said he'll use more than $4 million of the ESPN money to pay for a new scoreboard at Allen Fieldhouse.