Ohio State Reports Record Athletics Revenue, Nearly $280 Million, For 2023 Fiscal Year

Ohio State reported a record revenue from the department of athletics during the 2023 fiscal year from July 1, 2022, to June 30, 2023, reporting $279,549,337 in revenue, an 11 percent increase over the previous fiscal year revenue of $251,615,345.

“Ohio State athletics remain on a rock-solid foundation thanks to the tremendous support from our fans, students and alumni,” athletic director Gene Smith said. “They continue to show up, tune in and support our student-athletes, coaches and staff at our fields, stadiums and arenas.”

The revenue was led by $73.3 million in ticket sales, with $64.3 million of that coming from football, which hosted eight games in 2022, including significant games against Notre Dame and Michigan. This was an increase from $59,649,921 in ticket sales in the previous fiscal year.

Donations from individuals, foundations and companies contributed $57.8 million, while media rights – revenue from radio, television and digital – totaled $59,649,921, and royalties, licensing, advertisement and sponsorship resulted in $42,832,059. The football team accounted for $37,155,319 of the media rights revenue, with men’s basketball accounting for $12,640,706.

The football team had the highest revenue at $127,355,182, followed by men’s basketball with $24,162,936. Wrestling ($1,522,813), women’s basketball ($1,277,841) and men’s hockey ($1,264,139) also had revenue in excess of $1 million.

The university also reported $274,948,554 in operating expenses, with $23,829,914 in athletic student aid. Debt from new athletic facilities accounted for $45.3 million of that total, as according to a university release, additional principal payments were made to the Schumacher Complex, Covelli Center and other projects to reduce future payments.

The football program had the highest operating expenses at $72,382,343, followed by men’s basketball with $14,491,760, women’s basketball with $6,560,262 and men’s hockey with $4,473,078. In total, football and men’s basketball were the only programs to generate more revenue than expenses, with a surplus of $54,972,839 for football and $9,671,176 for men’s basketball.