Was reading this article (below) how Missouri got $40 million from the university in assistance. Schools are going to kick in a lot from the university side.
I also see a lot of schools including KU having to make cuts internally like Indiana. This will happen at most places- https://www.indystar.com/story/spor...revenue-sharing-indiana-hoosiers/77775492007/
COLUMBIA, Mo. — The University of Missouri’s athletics department plunged into a $15.2million budget deficit during the 2024 fiscal year after two years of operating in the black anddespite a standout season by its football team.
The deficit also came amid a winless conference record for the men’s basketball team and a change in athletic directors.
Mizzou athletics brought in about $168 million in revenue during fiscal year 2024 and spent$183.2 million, creating the deficit of $15.2 million, according to its annual submission to the NCAA’s Membership Financial Reporting System.
The deficit was covered by the university through an internal loan to the athletics department.
Those revenue and expenditure figures are both records for Mizzou, indicative of the rising amounts of money flowing through college sports.
The 2024 fiscal year began July 1, 2023, and ended June 30, 2024. It included the Tigers’ breakout 2023 football season, the men’s basketball team’s winless Southeastern Conference season, the sudden exit of former athletics director Desiree Reed-Francois and the eventual hire of current AD Laird Veatch.
Operating in the red is not unheard of for Mizzou athletics. Prior to Reed-Francois’ hiring, it had been the norm for five years. She steered the department into the black, albeit by just $1with direct financial support from the university in fiscal year 2023 her final full year at the helm before a shortfall returned under her leadership during the portion of fiscal year 2024 that she was AD.
The football team’s revenue in particular carries implications for the entire athletics department, which relies on the money for help with other sports. MU football’s ability to generate cash to spread around was one motivation for administrators to greenlight a $250 million renovation of Memorial Stadium
University administrators seemed to expect that the athletics department budget would come in at a deficit.
UM System President Mun Choi saw “nothing surprising” in the financial report, he said in an interview this week.
But he added that “we’re mindful of how to continuously improve our revenue, top-line revenue, but also look at our expenses very carefully because with the new model of athletics, it’s not just new spending opportunity,” Choi said. “We’re going to ask ourselves, ‘What are we no longer going to do?’ to prioritize what’s important for athletics.”
MU leaders were ready for the likelihood that the athletics department would need financial support, Choi said. He sees that as a new reality for college sports across the SEC, where Mizzou athletics is not alone in receiving extra funding from its university arm.
Choi said expecting athletics to be “self-generating” may have been realistic a decade ago “but that is no longer the case across the United States — especially among the (major) programs.”
And the athletics department did receive more financial support from the university in the2024 fiscal year: $25.7 million, up from $22.8 million the year prior. Categorized as “direct institutional support” in budget terms, the money includes some internal loans from MU to its athletics division.
The university is also covering the $15.2 million deficit as an internal loan, putting the athletics department’s tally of contributions from the university for the latest fiscal year at $40.9 million.
I also see a lot of schools including KU having to make cuts internally like Indiana. This will happen at most places- https://www.indystar.com/story/spor...revenue-sharing-indiana-hoosiers/77775492007/
COLUMBIA, Mo. — The University of Missouri’s athletics department plunged into a $15.2million budget deficit during the 2024 fiscal year after two years of operating in the black anddespite a standout season by its football team.
The deficit also came amid a winless conference record for the men’s basketball team and a change in athletic directors.
Mizzou athletics brought in about $168 million in revenue during fiscal year 2024 and spent$183.2 million, creating the deficit of $15.2 million, according to its annual submission to the NCAA’s Membership Financial Reporting System.
The deficit was covered by the university through an internal loan to the athletics department.
Those revenue and expenditure figures are both records for Mizzou, indicative of the rising amounts of money flowing through college sports.
The 2024 fiscal year began July 1, 2023, and ended June 30, 2024. It included the Tigers’ breakout 2023 football season, the men’s basketball team’s winless Southeastern Conference season, the sudden exit of former athletics director Desiree Reed-Francois and the eventual hire of current AD Laird Veatch.
Operating in the red is not unheard of for Mizzou athletics. Prior to Reed-Francois’ hiring, it had been the norm for five years. She steered the department into the black, albeit by just $1with direct financial support from the university in fiscal year 2023 her final full year at the helm before a shortfall returned under her leadership during the portion of fiscal year 2024 that she was AD.
The football team’s revenue in particular carries implications for the entire athletics department, which relies on the money for help with other sports. MU football’s ability to generate cash to spread around was one motivation for administrators to greenlight a $250 million renovation of Memorial Stadium
University administrators seemed to expect that the athletics department budget would come in at a deficit.
UM System President Mun Choi saw “nothing surprising” in the financial report, he said in an interview this week.
But he added that “we’re mindful of how to continuously improve our revenue, top-line revenue, but also look at our expenses very carefully because with the new model of athletics, it’s not just new spending opportunity,” Choi said. “We’re going to ask ourselves, ‘What are we no longer going to do?’ to prioritize what’s important for athletics.”
MU leaders were ready for the likelihood that the athletics department would need financial support, Choi said. He sees that as a new reality for college sports across the SEC, where Mizzou athletics is not alone in receiving extra funding from its university arm.
Choi said expecting athletics to be “self-generating” may have been realistic a decade ago “but that is no longer the case across the United States — especially among the (major) programs.”
And the athletics department did receive more financial support from the university in the2024 fiscal year: $25.7 million, up from $22.8 million the year prior. Categorized as “direct institutional support” in budget terms, the money includes some internal loans from MU to its athletics division.
The university is also covering the $15.2 million deficit as an internal loan, putting the athletics department’s tally of contributions from the university for the latest fiscal year at $40.9 million.
