Arizona miscalculated its budget for the fiscal year by $240 million and now faces the threat of “draconian cuts” that could impact the athletic department, according to a report from the Arizona Daily Star’s Ellie Wolfe.

One physics professor even suggested selling the athletic department in its entirety to a third party for a profit to try and escape what has been termed a “financial crisis.”

According to Wolfe, University of Arizona president Robert Robbins informed professors at a recent monthly faculty senate meeting that the university had initially projected to have 156 days of cash on hand for the fiscal year and, in reality, it has just 97 days of cash on hand. The difference, according to Wolfe, is $240 million.

The school is reportedly instituting a 2% budget cut. Additional measures that are being considered include hiring freezes within colleges running a “structural deficit,” concessioning on-campus amenities such as parking, leasing out land, reducing financial aid commitments, and cutting sports programs within the athletic department.

Robbins reportedly told faculty that other teams in the Big 12 have an average of 17 sports teams. The UA offers 23.

“Everything is on the table in terms of dealing with athletics,” Robbins said, per The Daily Star. “This is an issue that is going to require a lot of tough decisions.”

According to Wolfe, faculty and Robbins believe the $55 million loan made by the university to the athletic department during the COVID pandemic has not been paid back fast enough.

A physics professor at the meeting, Johann Rafelski, reportedly asked the UA president to consider selling the athletics department to an outside vendor.

“People who are qualified to run an athletics department may turn it into a profit,” the physics professor said, per The Daily Star. “We could perhaps get a good sale price.”

Robbins responded to that suggestion by saying that was something he has considered.

The Arizona football program is currently in the midst of a resurgent season. Two years removed from a 1-11 campaign, Arizona has won three straight games against ranked opponents and is bowl-eligible for the first time since 2017. The Wildcats were ranked No. 21 in the latest College Football Playoff rankings.

Head coach Jedd Fisch was asked on Thursday if he has any concern about the program missing out on resources going forward while the university works to get out of the budget hole. He said he’s aware of the situation but is currently focused on Arizona’s Week 11 opponent — Colorado.