Limestone’s financial woes prompt student-athletes to hit the transfer portal

Dozens of Charlotte-area student-athletes are among more than 1,600 Limestone University students and faculty reeling from Wednesday’s announcement that the school could be closing within weeks.

Officials at the school in Gaffney, S.C., about 55 miles southwest of Charlotte, said the 179-year-old school will close at the end of the semester unless it can come up with $6 million in the next few days.

Shutting down the school is one possibility outlined Wednesday by Randall Richardson, chair of the university’s board of trustees. Another option is switching to an online only education model.

Either way, school officials said, activities such as athletics will cease operations. Limestone, a Division II school, competes in the South Atlantic Conference. Last year the Saints’ football team finished 8-3 and 6-2 in conference play.

When Wednesday’s news broke, many of the school’s student-athletes reacted by taking to social media and announcing they were entering the transfer portal.

Among them was Matt Hynes, a sophomore offensive lineman from Lake Norman High School.

“It was stunning,” said Hynes. “We had no clue this was coming. There was talk about the school being in debt, but there was never any talk about Limestone shutting down.”

Fifteen members of the Limestone football team are from Charlotte-area schools and another seven played at high schools in the Rock Hill area.

The school also has a number of Charlotte-area students on its soccer, baseball, softball and lacrosse teams, among others.

The head football coach is Jerricho Cotchery, a former Carolina Panthers and N.C. State player.

Richardson said Limestone’s board of trustees will meet Tuesday, April 22 to make a final decision.

“Limestone remains committed to our students, and we will work directly with current students to help them identify the best path to successfully complete their education journeys,” he said in a statement.

Richardson said Limestone’s online education program has been growing and “could support long-term stability.”

The school said its financial challenges result from a combination of issues — enrollment decline, rising costs and other long-standing issues facing small private colleges.

The Charleston Post & Courier reported Wednesday that a school official said Limestone was $30 million in debt.

Several of the school’s 23 athletic programs — 10 men’s, 13 women’s — have been very successful.

The football team reached the NCAA Division II playoffs with 8-4 records in 2022 and ‘23. The men’s lacrosse team has been to the NCAA tournament the past three years.

Hynes said students received an email around 11 a.m. Wednesday, telling them to meet at 2:30 p.m. for an announcement.

“We saw the news helicopter flying around the school, and that’s never good,” he said. “Teachers had a meeting around 2, and we saw a tweet a short time later.”

“At first, I thought it was a joke,” Hynes said. “We had our spring football game last week, and Coach Cotchery talked about how bright the future was. And now this!”

Also left in limbo are high school seniors who had committed to Limestone.

One of them, Independence High football player Brian Crowder, announced on social media Wednesday afternoon that his recruitment is open again. So did Cadence Lane, a softball player at Mooresville High.

“We’re looking for new schools now,” Hynes said.

This story was originally published April 16, 2025 at 6:00 PM.