CU's Athletic Department Could Be Facing Financial Problems

BOULDER, Colo. (CBS4) - The Daily Camera reported the University of Colorado Boulder's athletic department may be facing some financial problems.

Athletic department finance officials told the Daily Camera they're expecting a $7.5 million shortfall. It comes as the university is searching for a new athletic director.

Since 2006 the department has made nearly $10 million in severance payments or agreements with former employees. That includes more than $1.5 million paid to former Buffs football coach Jon Embree.