Breaking: Ohio State Athletics reports 2024 operating expenses of $292.3 million and a deficit of $37.7 million… Read more

The Ohio State University Department of Athletics has reported operating expenses totaling $292.3 million for the 2024 fiscal year, resulting in a deficit of $37.7 million. citeturn0search0

Key Factors Contributing to the Deficit:

• Decline in Ticket Revenue: The athletics department experienced a $14.6 million decrease in ticket sales, attributed to hosting six home football games in the 2023 season, down from eight in the previous year. citeturn0search0
• Severance Costs: The department incurred over $8.5 million in severance expenses related to the dismissal of men’s basketball head coach Chris Holtmann in February 2024. citeturn0search0

Comparison with Other Institutions:

• University of Texas: Reported $325 million in operating expenses for the same fiscal year, setting a new record for a Division I public school. citeturn0search4
• University of Alabama: Reported $262.8 million in operating expenses.

Financial Outlook and Mitigation Strategies:

To address the $37.7 million deficit, Ohio State Athletics plans to utilize past profits, reserve funds, and anticipated future revenues. The department remains committed to supporting its student-athletes, with over $26 million allocated for athletic student aid in the 2024 fiscal year. citeturn0search8

While the deficit is a concern, the department’s proactive financial strategies aim to ensure long-term stability and continued support for its extensive athletic programs.