LUBBOCK, Texas — The Lubbock Chamber of Commerce informed its social media audience Friday that The Perryman Group conducted a study on the economic impact of losing major Lubbock college athletics.
Lubbock Chamber of Commerce’s post is as follows:
“The @PerrymanGroup conducted a study to assess the economic impact of potentially losing major college athletics in Lubbock.
• $117-$161 million economic impact
• 1,600-2,200 lost jobs
• $6-8.6 million in lost local tax revenue”
The total impact (direct and indirect losses combined) is even higher. That could range from $207.509 million to $296.944 depending on which scenario plays out.
Lubbock Chamber of Commerce also attached a full report by The Perryman Group.
According to the report, the potential economic losses were quantified in situations of “reductions in athletic department revenue that would be reflected in lower instructional and administrative services spending in these areas and direct tourism losses from lower spending at home games for food, lodging, travel, and other activities.”
The report split the situation into two scenarios. The first scenario would be if the Big 12 conference stays close to the eight teams that remain. The second scenario would reflect the Big 12 “is not maintained,” and the individual schools left must find other opportunities.
Click here for the full report.