Ohio State Buckeyes’ $1.3B value is No. 1 in college sports
COLUMBUS, Ohio (BVM) – The Ohio State Buckeyes rank as the nation’s No. 1 most valuable college athletics program – worth an estimated $1.32 billion, according to research done by CNBC in partnership with AthleticDirectorU, which maintains a database on college athletic program financials.
Following Ohio State in valuation are Texas ($1.28B), Texas A&M ($1.26B), Michigan ($1.06B) and Alabama ($978M).
The Buckeyes’ $1.32 billion valuation reflects their enterprise value, which is primarily based on 2023 revenue and several other variables, per Jason Belzer, publisher of AthleticDirectorU.
Total revenue: The Buckeyes generated $280 million in revenue in FY2023, the highest of any school nationwide, according to 247Sports. Only eight other schools brought in at least $200 million in revenue (Texas A&M, Texas, Michigan, Georgia, Nebraska, Penn State, Tennessee and LSU).
Football revenue: Football is the largest revenue driver for OSU athletics, generating $127.4 million in FY2023, according to the school’s NCAA financial report. This ranks the program seventh in revenue among all college football teams. Ticket sales were the biggest contributor, accounting for half the total at $64.3 million.
Basketball revenue: Men’s basketball is OSU’s second-largest revenue-generating team, bringing in $24.2 million during the same fiscal year. This figure places the program among the top 15 revenue-generating college basketball teams nationwide.
Donors: The generosity of donors also helped lift the Buckeyes to the top of the value rankings. Contributions from individuals, corporations, associations, foundations, clubs and other organizations pumped $57.8 million into OSU athletics.
Media rights: Big Ten and SEC schools dominate as the most valuable college athletics programs – largely due to each conference’s lucrative media rights deals. Radio, television and digital revenue accounted for $49.8 million of OSU’s revenue in FY2023.
Fanbase: Several other key elements contributed to the Buckeyes securing the No. 1 spot in value rankings, including fanbase. The Buckeyes have an alumni base of over 600,000 and an overall fan base of over 11 million. A football game typically has over 100,000 people in attendance.
Why it matters: Private equity and venture capital enterprises are looking to buy into college sports, and the most valuable athletic programs are in the best position to capitalize. However, private equity is typically driven by profit maximization, which might lead to prioritizing financial returns over the well-being of student athletes.
