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How Penn State football did financially in FY2023
Credit: © Brett Davis-USA TODAY Sports

How Penn State football did financially in FY2023

UNIVERSITY PARK, Pa. (BVM) – The Penn State Nittany Lions athletic department has filed its annual financial report to the NCAA for the 2023 fiscal year.

Here are takeaways regarding the Penn State football program’s revenue, expenses and profits.  

Note that this 90-page filing for fiscal year 2023 covers the reporting year from July 1, 2022 to June 30, 2023 – which includes the Nittany Lions’ Rose Bowl victory over Utah and 11-2 record to cap off the 2022 season.  

Revenue 

Penn State athletics as a whole has officially joined the milestone $200 revenue club for the first time in history; the department generated $202.2 million in total operating revenue in FY2023. Its previous school revenue record stood at $181.2 million in FY2022, and it ranked at No. 9 on the list of highest-revenue-generating colleges.  

Team revenue: Penn State football raked in $109.6 million in revenue during FY2023, which is a $4 million increase from FY2022. Men’s basketball followed with the second-most in revenue at $12.6 million. 

Ticket sales: Football’s ticket revenue went up by $1.4 million – bringing in a whopping $41.9 million in FY2023. That figure is greater than Alabama football’s ticket revenue or even Georgia football’s ticket sales from the same reporting year.  

Game programs, novelties, parking and concession sales: Football generated $9.6 million in this category, which is a $1.8 million increase from FY2022. One reasonable explanation for the surge is the fact that Penn State began selling beer at Beaver Stadium in FY2023. 

Media rights: Revenue received for radio, television, internet, digital and e-commerce totaled $40.1 million for Penn State athletics in FY2023 (football made $34.1 million and men’s basketball made $6 million). 

Expenses 

Penn State athletics as a whole spent $202 million in total operating expenses in FY2023 – marking the highest expenditure in the department’s history. Previously, the highest expenditure recorded was $170.5 million in FY2022. 

Team expenses: Football expensed $62.7 million to run the program in FY2023, which is an additional $5.1 million compared to FY2022. Men’s basketball was the second-most expensive sports program for the Nittany Lions at $12.2 million. 

Meals: Football spent just $809,034 on non-travel student-athlete meal allowances and food/snacks in FY2023. Meanwhile, rival Ohio State football spent $5.2 million in the same category. 

Team travel: Meals provided to football players on the road were reported under “team travel,” but this category also takes into account lodging, air and ground travel. Team travel for football amounted to $1.6 million in FY2023. 

Recruiting: Penn State used $2.9 million to recruit its football players in FY2023 (a 94% increase from FY2022). This figure may put the program on the list of college football teams that spend the most on recruiting, considering last year’s data. 

Profits 

Penn State’s athletic department as a whole posted a surplus of $126,352 during FY2023, which is a harsh comparison to the $10.7 million profits from FY2022.

Football’s profits: The program was profitable in FY2023 at $46.9 million (down $1.1 million from FY2022). Notably, the five most profitable college football teams from FY2022 made at least $77 million. The data from FY2023 isn’t all readily available yet to determine where Penn State football now ranks among colleges. 

Overall, football was one of two profitable teams on Penn State’s campus in FY2023, as men’s basketball also made of profit at $385,387.