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Scott G Winterton, Deseret News
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Utah Athletics had a budget deficit of $17 million, according to the school’s latest financial report.
For financial year 24, which ranges from July 1, 2023 through June 30, 2024, the Utah athletics department reported a $17,041,625 budget shortfall, the first deficit in quite a while.
The university posted record revenue of $115.7 million in FY22 and $126.3 million in FY23, but for FY24, Utah’s revenue shrank to $109.8 million.
In an addendum to the athletic department’s financial report, Utah wrote, “The University of Utah’s FY24 net margin of ($17M), as reported in the annual NCAA Revenues & Expenses Report, was driven primarily by external factors.”
Those external factors were the collapse of the Pac-12 Conference in the summer of 2023.
The collapse of the historic conference started with USC and UCLA leaving for the Big Ten in 2022. Then, the Big 12 beat the Pac-12 to the media rights punch, securing a nearly $2.3 billion media deal with ESPN and Fox that reportedly will pay out $31.6 million per year to each of its schools when it takes effect in 2025.
Pac-12 commissioner George Kliavkof had reportedly turned down a deal from ESPN that would have paid its schools $30 million each, per John Canzano, and after the Big 12’s deal with ESPN and Fox, TV networks were full with inventory from the Big 12, SEC, ACC and Big Ten, and weren’t going to pony up more for the depleted Pac-12 with no Los Angeles TV market.
The best deal the Pac-12 got was a $25 million per school offer from Apple — streaming only — per Canzano. Colorado left for the Big 12, followed by Washington and Oregon bolting to the Big Ten. Utah wasn’t far…
Source link : https://finance.yahoo.com/news/why-leaving-pac-12-led-170000836.html
Author : Deseret News
Publish date : 2025-01-24 17:00:00
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