Ohio State’s annual financial report to the NCAA, released Tuesday, showed revenues of $107 million for that year, in which football ticket sales and other major sources of revenue were nearly wiped out by the coronavirus pandemic.
released Tuesday, showed revenues of $107 million for that year, in which football ticket sales and other major sources of revenue were nearly wiped out by the coronavirus pandemic. That was less than half of the $234 million in revenue from the 2019-20 fiscal year.
Expenses also dropped, from $215 million to $171 million. Ohio State said those expenses included a one-time debt service payment of $20 million towards loan balances on recently completed athletics facility construction projects. That payment will reduce future interest payments and, if excluded, would bring the budget loss closer to $41 million, according to OSU.
Those Fiscal Year 2021 figures covered the time frame from July 1, 2020, to June 30, 2021. The pandemic began significantly interrupting college sports finances in March 2020. This annual report is not necessarily a mirror image of the actual athletic budget, as it follows the NCAA’s requirements for reporting certain income and expenses.It offset that expectation by cutting expenses, including some job cuts and wage reductions. At that time, the athletic department also projected only $73 million in revenues.
“This was a most challenging year for our department and for everyone, and I am so proud of our student-athletes, our coaches and our support staff who continued to deliver at a championship level,” OSU athletic director Gene Smith said in a news release. “Despite the difficulties we all faced working through the pandemic, we preserved our commitment to our student-athletes and the sports they love.”as expected, from $116 million in the 2020 fiscal year to $42 million in 2021.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chris Holtmann Wants More from Several Ohio State Starters, Seniors After Purdue LossIf Ohio State is going to win tough Big Ten games on the road, Chris Holtmann says several key contributors “need to play better” than they did at Purdue.
Read more »
Former Ohio State Wide Receiver Devin Jordan Returning to Buckeyes As Offensive AssistantDevin Jordan, a former Ohio State wide receiver who was most recently a quality control coach at Akron, is returning to the Buckeyes as an offensive assistant.
Read more »
Ohio State Cornerback Sevyn Banks “Moving On” From Ohio State, Will Not Return For Buckeyes in 2022Sevyn Banks has played his final game with the Buckeyes as the senior cornerback plans to move on from Ohio State.
Read more »
Concessions At All Ohio State Athletic Events to Reopen ThursdayConcessions at Ohio State athletic events will reopen this week, beginning with Thursday's Ohio State-Iowa men's basketball game.
Read more »
Ohio State Linebacker Teradja Mitchell to Return For Fifth Season With BuckeyesWe got some answers about what the roster might look like next season. Returning: • Teradja Mitchell: • Palaie Gaoteote: • Jerron Cage: Departing: • Sevyn Banks:
Read more »
Will state-by-state regulation of self-driving vehicles work -- and keep people safe?A future where motorists share streets and highways with driverless cars may still be years away, but transportation experts are saying now's the time for elected leaders to plan for that scenario.
Read more »