LAS CRUCES, N.M. (AP) — New Mexico State University is planning to extend the timeframe for its athletic department to repay the more than $4 million owed to the main campus.
The university's board of regents on Tuesday approved extending the repayment plan through 2026, and it plans to re-evaluate the extension in three years, the Las Cruces Sun-News reported .
"This presents a window of time to develop metrics, evaluate success against that and have a hard look in three years," Regent Kari Mitchel said. "We are not going to be self-sustaining in three years, but we should have an indication in three years whether or not this investment is achieving our goal of self-sustainability."
The department was originally expected to pay off its debt by 2021.
The board action will be reviewed by the university's budget office and the state Department of Higher Education.
The board did not act on a proposal from the Athletic Review Committee to transfer $1.1 million from the university's instruction and general fund to the athletics department.
The department is already funded with $4.37 million each year. The suggestion of additional funding for the department had elicited sharp criticism from faculty and students.
Information from: Las Cruces Sun-News, http://www.lcsun-news.com