Why Ohio State athletics revenue was down in the 2024 fiscal year and expenses were up
COLUMBUS, Ohio (WCMH) -- In the last fiscal year, Ohio State's athletics department made nearly $25 million less in revenue than in the 2023 fiscal year. And there is a simple explanation.
The university said the athletics department made just over $254 million in the 2024 fiscal year (July 1, 2023 to June 30, 2024), compared with a record $279.5 million made in the 2023 fiscal year, according to the NCAA's annual financial report.
Every year, a resounding amount of Ohio State's athletics revenue comes from ticket sales for home football games, with almost 23% of the department's revenue last fiscal year coming from ticket sales for eight home football games. The Buckeyes had only six home games in the 2023 season, which counts towards the 2024 fiscal year.
The decrease in home football games sent the ticket sales from $64.3 million in the 2023 fiscal year to $47.8 million in the 2024 fiscal year, a 25% reduction. Among the Buckeyes football games at Ohio Stadium during the fiscal year was a 20-12 victory over No. 7 Penn State on Oct. 21, 2023.
Football and baseball were the only Buckeyes sports who ticket revenue decreased while every other sport increased. After a 98% increase last fiscal year, women's basketball ticket sales jumped another 70% to close in on $1 million. Included in the women's basketball ticket sales is last January's sellout where the Buckeyes upset Iowa and star Caitlin Clark 100-92 in overtime.
| Sport | Ticket revenue in FY24 | Change from FY23 |
| Football | $47,853,040 | -25.6% |
| Men's Basketball | $4,901,472 | +3.4% |
| Not related to specific teams | $3,218,768 | +39.6% |
| Women's Basketball | $953,149 | +70.2% |
| Men's Ice Hockey | $717,079 | +45% |
| Men's Wrestling | $414,687 | +13.4% |
| Women's Volleyball | $321,653 | +5.1% |
| Women's Gymnastics | $125,383 | +21.5% |
| Baseball | $75,758 | -15.7% |
| Men's Lacrosse | $123,328 | +52.9% |
| Women's Ice Hockey | $35,451 | Not reported |
| Softball | $48,883 | Not reported |
While revenue decreased, expenses increased. Buckeyes athletics spent $292 million last fiscal year compared with $274 million in 2023 fiscal year. The largest spending increase came in severance payments with a 5,570% increase from $162,000 to more than $9 million.
A majority of that increase likely comes from the firing of men's basketball coach Chris Holtmann on Feb. 14, who had a buyout of $12.8 million with the four years remaining on his contract. Other large spending increases include:
- Athletic student aid ($3M increase)
- Coaching salaries ($9M)
- Support staff wages ($5M)
- Direct overhead and administrative expenses ($4M)
During the fiscal year, Buckeyes football finished 11-2 for a third successive season with a road loss to Michigan ending the team's playoff hopes. The season ended with a 14-3 Cotton Bowl loss to Missouri.
Ohio State men's basketball missed the NCAA Tournament for a second straight year while the women's team won the Big Ten regular season, but followed that up with a second-round exit in the NCAA Tournament. The women's ice hockey team won its second national championship in three seasons while men's tennis and men's fencing won conference titles.
Next year's revenue report should see a strong increase thanks to the Buckeyes 2024 football national championship that included a home playoff win over Tennessee, a Rose Bowl win over Oregon, a Cotton Bowl victory over Texas, and winning the title game in Atlanta over Notre Dame.