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The Colorado athletic department reported record revenue and football ticket sales in fiscal year 2024, leading to an $8.2 million “profit” after posting deficits in five of the previous six years, according to a financial report filed by Colorado recently with the NCAA.
Colorado released the report this week for fiscal year 2024, which covers July 1, 2023, to June 30, 2024, including the first football season under coach Deion Sanders and also the last full fiscal year for Colorado in the Pac-12 Conference. The Coach Prime Effect of Sanders’ hiring helped lead the department to a record $146.6 million in reported revenue and a record $31.2 million in football ticket sales, which is roughly double the previous school record.
But the overall athletic department revenue still includes a school-record $31.9 million in allocated funds from the university in the form of direct institutional support ($27.1 million), indirect institutional support ($3.1 million) and student fees ($1.7 million). Without that, Colorado still would have posted record generated revenue but not nearly enough to keep up with its reported expenses.
“Institutional support was provided to help offset shortfalls in conference distributions as well as costs related to legal settlements caused by conference realignment,” said a statement from Colorado athletic department spokesman Steve Hurlbert. “This support consists predominantly of auxiliary reserves and does not include any tuition or state funds. As we begin a new era in college athletics that is unprecedented in our history, the university will continue to explore long-term funding options for intercollegiate athletics in order to best position CU for success amidst a constantly evolving landscape.”
An ad for the CU football team appears during a men’s basketball game in…
Source link : https://sports.yahoo.com/colorado-financial-report-shows-prime-110559640.html
Author : USA TODAY Sports
Publish date : 2025-01-18 11:05:00
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