New CU athletic director targets major revenue growth
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Fernando Lovo during the first half of a New Mexico Lobos game in 2024. Photo: Sam Wasson/Getty Images
The University of Colorado's new athletic director, Fernando Lovo, has made it clear that increasing revenue will be his top priority as he takes over the Buffs program.
Why it matters: Lovo will be responsible for shepherding CU athletics through the rapidly evolving name, image and likeness (NIL) era, where financial strategy is increasingly tied to on-field success.
Driving the news: CU regents last week approved Lovo's five-year contract, which pays $1.2 million annually and makes him the highest-paid athletic director in school history.
- Lovo, who comes to CU from the University of New Mexico, began on Jan. 1 and will work alongside outgoing athletic director Rick George, who is set to move into an advisory role this summer.
State of play: With football coach Deion Sanders under contract through 2029 and six other CU coaches having spent at least a decade with the program, Lovo can focus less on staffing changes and more on the balance sheet.
- "The critical piece right now, I think first and foremost, is generating more revenue, and I think that's something that we're going to be really, really aggressive in," Lovo told Buffzone.
- CU athletics faces a potential budget deficit of $27 million in the current fiscal year.
Between the lines: CU has taken a more traditional approach to NIL compared with some Big 12 peers that have spent big, leaned on wealthy donors and tapped into the private sector.
- Coming off of a disappointing season, Sanders has cited financial limitations as one reason the Buffs are losing out on some recruits.
- In an interview with Axios Boulder before the hire, CU Boulder chancellor Justin Schwartz said the new athletic director would help decide whether the school should add a general manager role to oversee NIL and roster management.
Zoom out: Schwartz emphasized that integrity was his top consideration in the hiring process, following a year when athletic directors at programs such as Michigan and Baylor resigned or faced investigation.
- "I have no tolerance for some of the scandals we're seeing," Schwartz told Axios.
The big picture: As CU prepares to celebrate its 150th year, Schwartz tells us sports remains the "front porch" of the university, making the athletic director a "critical leader"
- "[Sports] brings a lot of visibility and, in today's world, a lot of financial opportunity."