UA board approves loan to cover athletic department’s debt

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FAYETTEVILLE, Ark. (AP) — An Arkansas university board has approved a loan of up to $19.1 that will allow its athletic department to pay off debt due this year and next year on bonds issued for facilities. The University of Arkansas System board of trustees approved the loan agreement Tuesday, which UA officials told the board would be a way to refinance annual debt payments and is part of plan to reduce costs in wake of the pandemic. The Arkansas Democrat reports that the athletic department’s top Finance Officer Clayton Hamilton told board members Tuesday that debt payments to be paid using the loan total about $19 million.