Ohio State athletics reports rebound in revenue in 2022
Department reports more than $251 million in total revenue
It was a record rebound for The Ohio State University Department of Athletics in 2022. Following a year when COVID-19 disruptions impacted competition, ticket sales and the fan experience, the department reported $251,615,345 in revenue, according to a new financial statement.
The revenue for the fiscal year 2022, which ran from July 1, 2021, to June 30, 2022, far exceeds the $106,896,918 in FY 2021. It also eclipses the record $233,871,740 in FY 2020, according to an annual financial report filed each year with the NCAA.
“Buckeye Nation continues to show their tremendous support for our incredible student-athletes, our coaches and our support staff. We are grateful for the enthusiasm they bring to our stadiums, fields and pools,” said Gene Smith, senior vice president and Wolfe Foundation endowed athletic director.
Ticket sales, among the hardest hit sources of revenue during the pandemic, reached a reported $59,649,921 across all sports in FY 2022. That number includes more than $47 million from football alone. The university reported only $7,386 in the previous reporting period when fans were not allowed in the stadium.
The department also reported $62.9 million in support from individuals, foundations and companies. That was an improvement from $19.7 million in FY 2021 and $48.1 million in FY 2020 in similar contributions. Much of the increase is attributed to the Buckeye Club’s transition to a per-seat contribution (PSC) model to benefit fans and season ticket holders.
Media rights – revenue from radio, television and digital – accounted for $48,908,898 in FY 2022. That’s up from $40.5 million in FY 2021 and $46.8 million in FY 2020.
Some of the additional highlights from the report include:
- Money from sponsorships and licensing agreements totaled $30,088,073 – that’s up from $18,862,849 in FY 2021.
- Athletic student aid was $24,564,657, up from $20,624,606 in FY 2021.
- Total operating expenses for the athletic department were $225,733,418 compared to $170,551,920 the previous year and $215,209,566 in FY 2020.
Ohio State is home to one of the largest athletic departments in the nation, supporting 16 men’s teams, 17 women’s teams, three mixed teams and approximately 1,000 student-athletes. The department is self-funded and receives no tuition or tax dollars.