The sexual assault scandal at Baylor University could cost the Waco college as much as $223 million, according to a report commissioned by a group of high-profile alumni and released Tuesday.

That figure, estimated by Austin business valuation company HSSK, included expenses that Baylor could incur through potential legal settlements, the independent investigation by law firm Pepper Hamilton, potential sanctions plus projected revenue losses from withheld donations. The total potential financial effect on the university represents $121.7 million in estimated costs and $101.3 million in lost revenue through 2019.

The report is the latest move by Bears for Leadership Reform - whose members include former Gov. Mark White and billionaire Drayton McLane, the former chairman and CEO of the Astros - to pressure Baylor leadership to disclose more information about the scandal. Last month, McLane, whose name is on the college's football stadium, and other alums blamed the school's board of regents and top administrators for the dark cloud hanging over Baylor.

The reform group wants Baylor's regents to release the full findings from the outside review of the matter done by law firm Pepper Hamilton and disclose the financial toll the university already has incurred from the widely publicized scandal that led to the departure of its nationally renowned president, Ken Starr.

"The regents should be up here addressing this; the regents should be telling us what this has cost," John Eddie Williams, president of Bears for Leadership Reform and a Houston attorney, said during a news conference on Tuesday. "We can handle the facts."

Baylor declined to comment on the group's financial analysis except for a short statement that said: "Beyond confirming Baylor University is and will continue to be strong and financially healthy, we will not respond to such speculation with any further comment."

Baylor's regents have said 17 women have reported being victims of sexual violence by 19 football players since 2011. Four of those instances involved gang rapes, they said.

Title IX violations?

The U.S. Department of Education said in October its Office for Civil Rights launched an investigation to determine if the college violated Title IX, the federal law that outlines steps universities must take to protect students against gender-based violence, harassment and discrimination. The Baptist university said then it will cooperate with the probe.

In May, Pepper Hamilton, hired by Baylor to conduct an independent investigation, said it concluded that administrators discouraged reporting of assault complaints and found football coaches and staff knew about reports of sexual assaults by football players and sought to "actively divert cases from the student conduct or criminal process." Baylor, which had released a summary of the law firm's findings, since has said that Pepper Hamilton orally presented its findings to Baylor regents and administrators and therefore cannot release a written report.

Shortly after the findings were publicized in late spring, the university fired head football coach Art Briles, and athletic director Ian McCaw resigned. Starr, the Baylor president and chancellor, initially was demoted before leaving the university altogether in August. David Garland, a professor at Baylor's George W. Truett Theological Seminary, began as interim president on June 1.

"The focus is not on Coach Briles or on football and athletics," Williams said Tuesday. "The focus is on our leadership, our board, our leaders in the administration. Why did they fail to implement Title IX?"

To estimate the potential financial damage to Baylor, the reform group retained HSSK. Williams would not disclose how the group paid HSSK to prepare the report, saying only that it was "very reasonable." The firm compiled available information from the university, financial filings, estimates published in the news media and relevant information from investigations and sexual assault scandals at other universities, including the Sandusky child assault saga at Pennsylvania State University, HSSK managing director Jared Jordan said.

Jordan said the report's estimates are preliminary and "will likely" change, should Baylor release more information. Baylor has confirmed only that its 2016-17 operating budget increased by $6.3 million for staffing increases in student counseling, the Title IX office and the public safety department.

HSSK assumed that the Pepper Hamilton investigation has cost Baylor $5 million and settlements with key university employees and assault victims could amount to $41.6 million. Legal consulting and public relations costs were estimated to already total nearly $33 million, plus fines and penalties could be around $30 million.

Jordan said the university's revenue from private contributions could decline by $101.3 million over the next three years.

Members of the Bears for Leadership Reform group met with Baylor regents for the first time earlier this month, asking for an independent review of the Pepper Hamilton investigation and "the action and conduct of the leadership of the board and the administration."

Review rejected

On Sunday, however, regents unanimously rejected a second review of the sexual assault matter.

"Our conclusion was that the law firm had been complete, fair and accurate," regent Jerry Clements said then in a statement. "If anything, our second look at the law firm's investigation only strengthened the Board's conclusion that Pepper Hamilton did a thorough and professional job in fulfilling its agreed-upon scope of work."

Meanwhile, the university has moved to make improvements this semester, setting up a website responding to questions about the scandal and last week hiring Matt Rhule, the former Temple University coach, to lead the Baylor football program. The search for its next university president is ongoing.

The group of concerned alums seeking changes does not plan on suing the university, Williams said Tuesday. However, several lawsuits have been filed against Baylor and its leaders.

In his suit, Briles accused three Baylor regents and a vice president of libel and conspiracy, alleging they falsely said he knew of reported assaults and alleged gang rapes and did not report them.

Several women have filed suits in federal court saying that the university ignored or tried to suppress their reports of sexual and physical assault. And Patty Crawford, the university's former Title IX investigator, filed a formal complaint with the education department's civil rights office, prompting the federal investigation.