How Kentucky basketball, football did financially in FY2024
LEXINGTON, Ky. (BVM) – The University of Kentucky athletic department has released its annual financial report for fiscal year 2024.
The 81-page document, which was submitted to the NCAA by Jan. 15, was obtained by BVM Sports through an open records request. It highlights revenue, expense and profit figures of the Kentucky Wildcats men’s basketball and football teams. Note that FY2024 covers the reporting period from July 1, 2023 to June 30, 2024.
Revenue: Kentucky athletics has reached a significant milestone after surpassing $200 million in revenue for the first time in history. The department generated $201.7 million in total operating revenue for FY2024, reflecting a $27.2 million increase from FY2023.
Revenue from football and men’s basketball both increased year-over-year. Football’s revenue reached $53.8 million in FY2024, while men’s basketball, the second-highest revenue-generating sport, brought in $33.2 million.
Ticket sales: Men’s basketball remains the most in-demand sport on campus based on ticket sales – totaling $23.5 million in FY2024. Football’s ticket revenue followed with $19.5 million.
Media rights: Radio, television, internet, digital and e-commerce revenue remained steady year-over-year. Football brought in $15.4 million, while men’s basketball generated far less at $4.3 million.
Royalties, licensing, ads and sponsorships: Football’s revenue in this category more than tripled men’s basketball – totaling $250,000 (football) compared to $74,000 (men’s basketball).
Donations: Donor support keeps Kentucky sports competitive. Contributions provided and used by athletics rose from $38 million to $61.1 million year-over-year.
Expenses: Kentucky athletics hit a record high in expenses in FY2024 – skyrocketing from $169.6 million to $196.9 million year over year.
Football was the most expensive sport to maintain ($45.3 million), followed by men’s basketball ($30.3 million).
Meals: The university spent $2.6 million on non-travel student-athlete meal allowances and food/snacks in FY2024. Football accounted for $1.9 million, while men’s basketball spent $321,903.
Team travel: Meals provided to players on the road were reported under “team travel,” but this category also considers lodging, air and ground travel. While uncommon in college sports, UK men’s basketball ($3 million) outspent football ($2.4 million) in this category.
Game expenses: Game-day expenses cover officials, security, event staff, and more, but exclude travel costs. Yet another uncommon occurrence in college sports, UK men’s basketball ($1.3 million) spent significantly more than football ($337,895) in FY2024.
Recruiting: Men’s basketball increased its recruiting spend by 20%, reaching a total of $1.2 million. The spending laid the groundwork for the program to acquire the No. 48 ranking in the Class of 2024 and No. 6 slot in the Class of 2025.
Football’s recruiting spend saw a modest 2% increase, also reaching $1.2 million. The program secured the No. 24 ranking in 2024 and No. 29 spot in 2025.
Severance payments: UK athletics spent $1.7 million on severance payments and related benefits to former coaching and administrative personnel, including $1.1 million for football in FY2024.
Salaries: John Calipari was the second-highest paid college men’s basketball coach for the 2023-24 season. He took home $9.8 million in salary, benefits and bonuses per UK’s FY2024 report.
Mark Stoops ranked as the No. 9 highest-paid college football coach in 2024, bringing in $9.4 million in salary, benefits and bonuses – slightly less than Calipari.
Profits: Kentucky athletics profited $4.8 million in FY2024, which is similar to the profits made in FY2023.
Football and men’s basketball were the only two profitable sports programs on Kentucky’s campus – with football earning $8.5 million and men’s basketball generating $2.8 million in profit.
The university’s next NCAA financial report (FY2025) is set to be released in January 2026.
