Ohio State’s athletic department reported an operating deficit of more than $37 million during the most recent fiscal year, according to a report from The Columbus Dispatch.
“The athletic department spent a record $292.7 million from July 1, 2023, to June 30, 2024, while it also saw a dip in overall revenue,” Joey Kaufman wrote. “It brought in $254.9 million in total operating revenues over the period, a decline of $24.6 million from the previous fiscal year, contributing to the budget shortfall.”
The university expected to be in the red since last summer, according to the report.
“While last year’s budget impact is not ideal and there were unique circumstances at play, we have a robust expense and revenue plan that has been implemented and have made great progress in this ever-changing landscape of college athletics,” Ohio State AD Ross Bjork said in a statement. “We will make sure we operate with a balanced budget moving forward.”
Reserve funds and past and future earnings are expected to cover the $37.7 million deficit, according to the report.
Ticket sales were lower in the decline of revenue at Ohio State. The Buckeyes played only six games at Ohio Stadium in the fall of 2023, the fewest since 2004.
“The revenue from football tickets was $47.9 million, a drop-off of $16.5 million from when they had eight home games in 2022,” Kaufman wrote. “The department was also down $8.7 million in royalties, licensing and sponsorships and $5.3 million in contributions, which include donations made to purchase tickets.”
The jump in spending partly came from severance payments of more than $9 million, which included the buyout of former men’s basketball coach Chris Holtmann.
Ohio State at least went into the dead of winter positively, as the football team won the national title through the first 12-team College Football Playoff.