Ohio State football sees massive profit increase in FY2023
COLUMBUS, Ohio (BVM) – The Ohio State University athletic department has filed its annual financial report to the NCAA for the 2023 fiscal year.
The 98-page filing for fiscal year 2023 covers the reporting year from July 1, 2022 to June 30, 2023. Here are the takeaways about the Buckeyes football program and its revenue, expenses and profits (from the season that capped off an 11-2 campaign with a 42-41 loss to Georgia in a College Football Playoff semifinal).
Revenue
Ohio State athletics across all sports generated $279,549,337 in total operating revenue in FY2023 – which is a $27.9 million increase from FY2022.
Interestingly enough, OSU athletics as a whole ranked No. 1 among all universities in revenue back in FY2022. It’s unclear how the university ranks in FY2023 (since the data isn’t readily available yet), but it wouldn’t come as a surprise if the school takes the No. 1 spot once again.
Ohio State’s football program brought in $127.4 million in revenue in FY2023 – which is a 16.7% increase from the $109.2 million that was made in FY2022.
Football is, of course, the department’s top revenue-generating sport – considering that men’s basketball takes the second place spot with $24.2 million in revenue in FY2023.
One key revenue-generating category is ticket sales. Football tickets raked in $64.3 million in FY2023, which is 88% of the department’s total ticket sales. OSU athletics across all sports rallied $73.4 in ticket sales (up $13.7 million from the previous reporting year).
The football program also generated $8.9 million in revenue from game programs, novelties, parking and concession sales. Media rights for football totaled $37.2 million.
Expenses
OSU athletics across all sports spent $274,948,554 in total operating expenses during FY2023. In comparison, the university spent $49.2 million less in FY2022.
The Buckeyes football program used up $72.4 million of the university’s total expense budget (only a $3.3 million increase from the prior reporting year). Men’s basketball expensed the second most at $14.5 million.
Football spent $1.6 million on recruiting in FY2023, which is 41% of the athletic department’s total recruiting budget. Back in FY2022, Ohio State football spent $1.3 million on recruiting.
Head and assistant football coaching salaries, benefits and bonuses went from $20.7 million in FY2022 to $21.8 million in FY2023. Team travel for football (lodging, meals, air and ground travel) totaled $2.2 million.
Profits
The OSU athletic department as a whole posted $4,600,783 in profits during FY2023. However, that’s a stark comparison to the $25.9 million in profits made in FY2022.
The Buckeyes football program profited $55 million in FY2023, which is a 37.5% increase from the $40 million in football profits from FY2022.
Overall, football was one of two profitable teams at OSU in FY2023; the only other profitable team was men’s basketball at $9.7 million.
