The sports industry - like many businesses around the country - is largely fueled by advertising dollars. With the recent worldwide economic crisis, many advertisers are being forced to rethink their spending, which could impact a large number of athletics departments.

There's little question many advertisers are in the process of cutting back on advertising budgets. One prominent example is General Motors, which has reported plans to scale back its advertising with many national sports organizations. Additionally, the car manufacturer recently announced it's ending its nine-year partnership with golf superstar Tiger Woods.

Some sports organizations and teams are finding it difficult to attract sponsors during these economic times. As long as the market value of companies keeps dwindling, there will be fewer advertising dollars available for spending. Those companies that can afford to continue advertising will undoubtedly be asking for more return for their buck.

These tough economic times are trickling down to many athletics departments around the country. The degree to which advertising cutbacks are impacting schools vary depending on each school's situation.

At Middle Tennessee State, the school has eliminated its football fireworks shows and reduced the recruiting travel days for coaches. Numerous other schools have reduced team travel and implemented additional cost-saving measures.

It's likely that the financial crisis is also impacting Division II and III athletics departments. Many of these schools rely on local advertisers for extra revenue. However, with the financial struggles for numerous mom-and-pop businesses around the country, there's little doubt that some small athletics departments are being affected too.

In addition to eliminating and reducing certain high cost endeavors, many athletics departments are getting creative in their approaches to bring in additional revenue (if they haven't done so already). More on-the-court ads and other high-profile ways to get sponsors in the public's eye will continue to be the trend.

Let's turn the conversation to you. Have you felt the effect of the economic crisis on your campus? What are some creative ideas your athletics department has used to generate extra revenue and combat the difficult financial times?