The city of Columbus has gone from having no large arenas for hosting shows, to having two major, competing arenas in the last three years. The increase in entertainment is appreciated, but the apparent debt is not.Yes, the Jerome Schottenstein Center is making enough money to pay its operating expenses. The problem, however, seems to be the Schott can’t cover the bonds issued to pay for its construction, leaving the rest of that bill to the Athletics Department.It’s widely known that the Athletics Department at Ohio State is a major cash cow. Such revenues go to pay for sports ranging from lacrosse to golf to cross country. OSU is fortunate for this to be the case; many other universities do not have a self-sustaining athletic departments.OSU runs the largest athletics department in the country with 35 sports. It rarely struggles to cover its expenses, but a growing amount of bonds coming due will cut into the budget reserved for other teams and areas.Bonds were taken out to cover the expenses of renovating Ohio Stadium. The ‘Shoe won’t have a problem raising money to cover these bonds. It is a major generator of the funds that help support Buckeye teams and other outstanding bonds.If Ohio Stadium and OSU football money must go to support paying off the Schott, other Buckeye sports will suffer the financial consequences. This is tragic, because men’s football and basketball aren’t the only successful programs at the university. The women’s volleyball team is ranked No. 13 in the country, having lost only two out of 22 games this season. Until losing to New Hampshire last weekend, the women’s hockey team was ranked No. 10 in the country.In 1972, Congress passed Title IX of the Education Amendments. Among other provisions of the amendment, Title IX requires universities receiving federal funds to ensure that women have the same access to athletics programs as men. Some universities struggle to have successful women’s sports programs, but Ohio State excels at this. In doing so, the university has lived up to the ideals of Title IX, but without sound financial management of the Athletics Department, such opportunities will vanish.OSU students are bombarded with many financial choices, including undertaking debts. While student loans are necessary for many, students are still solicited by credit card companies and other marketers eager for their dough. OSU can help teach its students about debt management, but not if it continues to make investments without proper planning.Perhaps the Schott can serve to teach OSU a lesson about taking out too many loans and bonds to pay for new projects. The university needs to act quickly to protect those things that make OSU’s athletics program unique and wonderful.