Ohio State’s athletic department revenue for the 2021 fiscal year was cut by more than half from the 2020 fiscal year due to the impacts of the COVID-19 pandemic.
According to Ohio State’s annual financial report to the NCAA, which was released by the university on Tuesday, Ohio State’s athletic department revenues for FY21 – which ran from July 1, 2020 to June 30, 2021 – were only $106,896,918, down from $233,871,740 in FY20.
The decreases in revenue stemmed primarily from a loss in ticket sales, as members of the general public were not allowed to attend Ohio State sporting events during the 2020-21 academic year. Ohio State had only $7,386 in ticket sales revenue for FY21, down from $65,978,534 in FY20.
Ohio State’s media rights revenue for 2020-21 – which included a shortened 2020 football season – also dropped more than $6 million, to $40,568,770 from $46,849,461. Total football revenue dropped to $41.9 million from $115.5 million.
With total operating expenses of $170,551,920 – down from $215,209,566 in FY20 – Ohio State officially reported a deficit of $63,655,002 for fiscal year 2021. However, Ohio State said in a news release that the actual deficit was around $41 million, as the operating expenses reported to the NCAA included $20 million in one-time payments to reduce capital loan balances on two recently completed athletic buildings, which will reduce interest expenses in future years.
Ohio State may take out an interest-bearing loan from the university to cover the deficit but will not make that decision until the end of 2022, according to the release.
Despite the deficit, Ohio State did not cut any of its 36 varsity sports. Ohio State will surely expect much higher revenues for FY22, which will include the entire 2021 football season, for which fans were once again in attendance.
“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,” Ohio State athletic director Gene Smith said in a statement. “Despite the difficulties we all faced working through the pandemic, we preserved our commitment to our student-athletes and the sports they love.”
