Texas athletics department topped $300 million in revenue and operating expenses in 2024
The University of Texas athletics department again has shown its status as a national college sports business leviathan, recording $331.9 million in operating revenues and $325 million in operating expenses during its 2024 fiscal year, according to its new financial report to the NCAA.
The USA TODAY Network obtained the document Monday through an open-records request made in conjunction with its partnership with the Knight-Newhouse College Athletics Database at Syracuse University.
This is the first time since the NCAA began its current reporting system in 2005 that a Division I public school has reported more than $300 million in both revenues and expenses in the same year. It also is the largest single-year spending total, exceeding the $292.3 million that Ohio State reported for fiscal 2024 in a disclosure that occurred earlier on Monday.
However, a separate independent accounting report also obtained Monday through an open-records request showed several caveats to Texas' new figures. The largest of those on the revenue side was what the accountants' report described as a 'large one-time donation to fund the construction of the new Moody Center,' an on-campus arena that opened in spring 2022.
Altogether, Texas reported receiving $133.9 million in contributions during a fiscal year ending Aug. 31, 2024 — nearly $48 million more than it reported receiving in fiscal 2023. The rise in contributions also was attributed to 'a general increase in pledge donations due to increased fundraising efforts, aided by the success of the football team' which went 12-2 during the 2023 season, won the Big 12 championship and played in a College Football Playoff semifinal.
The precise donation amount for the arena was not provided, but the report stated that a $53.6 million increase in Texas' facilities expenses in 2024 was 'due to a $43 million payment on the Moody Center funded' in part through contributions.
Similarly, Oregon reported $391.8 million in revenue for 2020, but that included more than $270 million as a contribution for the renovation of its track and field stadium.
But even with $43 million taken out of Texas' 2024 revenue and expense figures, the totals are $288.9 million in operating revenue and $282 million in operating expense, not including nearly $2.8 million that the athletics department reported transferring to the institution.
And those revenue and expense figures still are among the greatest single-year amounts recorded by a public school. Texas' final report to the NCAA shows that it sponsors 21 teams. Ohio State, for example, reports sponsoring 35 teams.
Texas' figures for 2024 reflect its position over the course of its final year as a member of the Big 12 Conference. And it was due a full share of conference revenue for that year.
The report from Texas' independent accountant shed light on other major differences between the department's 2023 and 2024 figures, and those do reflect the beginning of the Longhorns' affiliation with the Southeastern Conference.
Among the revenue categories, Texas reported $68.8 million from royalties, licensing, advertisements and sponsorships. That represents a $14.1 million increase from 2023. The accountant report said this was due to a change in reporting methodology. 'Historically,' the report said, 'royalties and sponsorship revenue have been reported net of the related expenses. Based upon guidance from the NCAA, the Department now reports these revenues and related expenses on a gross basis as to not underreport earned revenues.'
Connected to this was a $17.7 million increase in overhead and administrative expense that was partially attributed to the methodology change, but also to expenses for an additional home football game and other factors including 'an increase to the operating budget for the new Texas Studios, which replaced the Longhorn Network,' the accountant report said. The Longhorn Network was altered as part Texas' move to the SEC, which included a transfer of the rights to live events to the SEC Network.
Texas' increases in pay to coaches (up by $7.1 million, compared to 2023) and in severance ($1.8 million) were more conventional. The accounting report said those were connected to a raise and amended contract for football head coach Steve Sarkisian that took effect Jan. 1, 2024, and buyouts from coaching changes in baseball and men's swimming. Sarkisian's pay from the school increased from $5.6 million for the 2023 season to $10.6 million for the 2024 season, including a $300,000 one-time payment in April 2024
This article originally appeared on USA TODAY: Texas athletics exceeded $300 million in revenue and operating expenses
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