I don't know for sure but I bet many Bull Gators and the administration don't want massive debt on the Athletic Department as several other major universities have. So it might not matter who the AD is, and blaming an individual for following the conservative financial policies that his bosses want is foolish.
The athletic department turns a large profit every year. The reason that we have debt is the same reason that virtually every major company has debt. When you can get a better return on investment than your cost of debt, you borrow money.
But the real issue is the prioritization of the spending. We spend way more than our peers on non revenue sports and we are kicking our peers' tails in those sports. We spend way less than our peers on football and we are getting our tails kicked.
We could get away with overspending on the non revenue sports a decade ago because we had so much more money than everyone else. The landscape has changed and even schools like Vanderbilt are collecting $40 million a year in revenue sharing from the league based on TV contracts. We have to change too if we want to compete.