How Texas Longhorns football did financially in FY2023
AUSTIN, Texas (BVM) – The Texas Longhorns athletic department filed its annual financial report to the NCAA for the 2023 fiscal year.
Fiscal year 2023 covers the reporting year from July 1, 2022 to June 30, 2023. BVM Sports obtained the 82-page filing through an open records request.
Here are the takeaways about the Texas football program’s revenue, expenses and profits.
Revenue
Texas Longhorns athletics generated $271.1 million in total operating revenue in FY2023, which is a revenue record for NCAA schools. This also marks a substantial increase of $31.8 million since FY2022.
Football revenue: Football contributed $183 million of the department’s revenue in FY2023, a $20.1 million rise from FY2022. Following football, men’s basketball was the second-highest revenue earner with $24 million.
Ticket sales: Football’s ticket sales increased, rising from $42.8 million in FY2022 to $55.2 million in FY2023. Men’s basketball was the second-most in-demand sport with $4.1 million in ticket sales.
Game programs, novelties, parking and concession sales: Football experienced a 47% annual surge, reaching a total of $6.1 million in FY2023.
Media rights: Texas’s media rights deals totaled $23.2 million in FY2023 – between football ($21.4 million) and men’s basketball ($1.9 million).
Royalties, licensing, advertisement and sponsorships: This category soared from $29 million in FY2022 to $33.9 million in FY2023.
Expenses
Texas Longhorns athletics spent $232.3 million in total operating expenses in FY2023 – surpassing the previous record by $7.2 million and marking the highest expenditure the department has ever seen.
Football’s expenses: Football spent $61 million in FY2023, which is an additional $9.5 million compared to FY2022. Men’s basketball ranked as the second most costly sport with expenses amounting to $16.5 million.
Meals: Football’s non-travel meal allowances, food and snacks totaled $1 million in FY2023. Men’s basketball, on the other hand, spent just $177,663.
Team travel: Meals provided to players on the road were reported under “team travel,” but this category also takes into account lodging, air and ground travel. Football expensed $2.9 million, and men’s basketball spent $2.4 million.
Recruiting: Back in FY2022, Texas football ranked among the nation’s top 10 in recruiting spending ($2.4 million). In FY2023, the Longhorns spent $2.6 million to recruit their football players, which is slightly more than 50% of the university’s recruiting budget for all sports. The substantial investment laid the groundwork for the Longhorns to acquire the No. 3 recruiting class in 2023 and the No. 5 class in 2024.
Salaries: Head and assistant football coaching salaries, benefits and bonuses rose by $757,000, reaching a total of $17 million in FY2023. Notably, Steve Sarkisian was the No. 30 highest-paid college football coach in 2023.
Profits
The Texas Longhorns athletic department experienced a remarkable 174% profit surge – jumping from $14.1 million in FY2022 to $38.8 million in FY2023.
Football’s profits: Many can recall that the Longhorns were the No. 1 most profitable college football team in FY2022 ($110.9 million). In comparison, for FY2023, football’s profits amounted to $121.9 million. Notably, rankings for the most profitable college football teams of FY2023 will be available later this year.
Aside from football, the only other profitable team in Austin was men’s basketball ($6.5 million).
The next fiscal year report (FY2024) will be available by January 2025. This report will encompass data from July 1, 2023 to June 30, 2024.
