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Penn State has rapidly increased athletic spending since AD Pat Kraft took over 18 months ago.
Kraft promised to elevate Penn State football — and the university’s entire athletic image — by providing the resources deemed necessary to compete at national title-winning levels.
Certainly enough, the university’s 2023 financial filing, released this month, shows that investment.
Penn State athletics spent a record $202 million during the 2022-23 fiscal year, which should ensure its place among national leaders. Only two universities, Ohio State and Texas, spent that much during the previous fiscal calendar, according to USA Today’s 2023 data base in partnership with the Knight-Newhouse Data project at Syracuse University.
Penn State athletic director Pat Kraft gives head football coach James Franklin a big hug following a 33-24 win over Indiana at Beaver Stadium Saturday, Oct. 28, 2023, in State College, Pa.
Ohio State blew past PSU in spending and revenue generating for this most recent period, as well. The Buckeyes reported revenue of just over $279.5 million with expenses of more than $274.9 million — edging out Texas A&M for the most nationally, so far, as fiscal reports continue to be released.
Penn State’s most recent financial report covers July 2022 to June 2023, which includes another wrestling national title, the football team’s 11-2 Rose Bowl season and Kraft’s hiring. He officially took over on July 1, 2022.
The dramatic spending increase ($31.5 million over the previous fiscal year) nearly washed away the university’s record-setting athletic revenue — just over $202 million. That means Penn State reported a surplus of just $126,352, a cliff-drop from the $10.7 million surplus the year before.
This spending increase was created across the board, ranging from salaries to recruiting to support staff and the…
Source link : https://sports.yahoo.com/penn-state-spends-makes-more-132100084.html
Author : York Daily Record
Publish date : 2024-01-29 13:21:00
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