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FCB-1194 Statement by Vince Mullins
By Vince Mullins | October 16, 2008
Statement by Professor Emeritus Vince Mullins, Jr.
Following Meeting of the FCB Ministers and Bowl Subdivision Commissioners
Orlando, FL– At today’s meeting of the FCB Ministers and Bowl Subdivision Commissioners, we finalized an aggressive action plan to address the turmoil in college football in regards to upsets and the stresses on our academic institutions. This action plan provides a coherent framework that will direct our individual and collective policy steps to strengthen academic institutions, protect fantasy football owners, and provide liquid refreshment to tailgaters everywhere.
College football investors around the world have taken measures to enhance market stability by addressing market abuse. Here in the United States, we suggest steps to protect the investments of the American people by increasing scholarship limits at Michigan, Notre Dame, Auburn and Tennessee so they can return to prominence.Fantasy College Blitz is compelled to robust interconference partnership and cooperation. Never has it been more essential to find collective solutions to ensure stable and efficient college footballmarkets. College football market conditions are severely strained. In the United States, favorites have been facing a prolonged period of uncertainty and our college footballmarkets are experiencing unprecedented and extraordinary challenges. A root cause of this situation is the scholarship reduction and a lack of confidence in recruiting assets, as well as a lack of confidence in many of the traditional college football institutions that hold these assets. We are squarely focused on the immediate need to stabilize our college footballmarkets, and recognize that investor confidence is critical to restore the stability of our college football system.
We must continue to closely coordinate our actions and work within a common framework so that the action of one country does not come at the expense of others or the stability of the system as a whole. Underdogs have taken over.
In support of equity investments in college football institutions, be clear that there are no golden parachutes for leaders who fail to perform. Family connections should not carry so much weight - we have repeatedly shown concern for the actions at Bowden, Bowden and Bowden, et al., and also the Holtz & Sons and will not hesitate to suggest changes when needed.
Additionally, the U.S. Treasury and Prefect of Discipline John Huss implemented a temporary guaranty program for the U.S. parimutuel industry and also the TARP (Tailgate Assistance + Rejuvenation Program). We expect the weakened economy will negatively affect the level of entertainment at the Grove and in the cabooses in Columbia and that is an effect we cannot idly observe.
Here in the United States, the members of the President’s Interest Group (PIG) on college football markets made it clear that we will coordinate the use of our existing and new authorities to restore confidence.
Fantasy College Blitz and others are working together through the College Football Stability Forum (CFSF) to ensure a comprehensive, international regulatory response to the college football market turmoil. CFSF Chairman Drew Smith reported to us on the good progress that has been made in improving prudential supervision and regulation, increasing disclosure and transparency, and enhancing accountability frameworks at Auburn and Clemson and likely at West Virginia and Texas A&M. I am committed to making sure this work continues. We are also committed to tackling the next steps laid out by Chairman Smith to be done by the end of this year and our ambitious agenda for 2009.
College Football Historian Daniel Freer heads the project to create CRAPTA (Continental Region of Americas Player Trade Agreement) that includes Canadian and Mexican Universities, increasing their chances to join Division I FBS by allowing voluntary player and monetary transfers to schools outside America. Immediate targets for inclusion are the storied U of Mexico team that made Sun Bowl appearances in the 40’s and 50’s, Laval University Rouge et Or’ (Quebec) and St Marys U Tigers (Nova Scotia) - two current Canadian College football powers).
I briefed my colleagues on the work we are pursuing to implement swiftly and thoughtfully the new college football rescue package. We are developing strategies to use the authority to purchase and insure defensive line assets as deemed necessary to promote college football market stability. As we develop plans to eradicate equity, as in the approach we are suggesting for broad scholarship reductions, we are working to develop a standardized program that is open to a broad array of college football institutions. Such a program would be designed to encourage the raising of new booster capital to complement public capital.
(HT: Daniel and Huss for brainstorming this satirical “madlib” look at the US Treasury actions this week.)
Topics: College Football, The Trend is Your Friend |
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