It's part of the university. But maybe the university could try spinning off the athletic department into its own legal entity so that it could file for Chapter 11 bankruptcy. But there could be problems with that. For one thing, doing so wouldn't be allowed if it were seen as an attempt to defraud creditors, which this would probably be seen as. And for another, if the athletic department isn't part of the university anymore, then it probably wouldn't qualify for tax-exempt status any longer. ** Edited by tarheelblue at 8/5/2023, 5:22:37 PM