Walter “Ted” Carter Jr. President at Ohio State University | Official website
Walter “Ted” Carter Jr. President at Ohio State University | Official website
The Ohio State University Department of Athletics has released its financial report for fiscal year 2024, revealing a significant investment in athletic student aid. The department committed $26,084,724 to athletic student aid, marking an increase from the previous year's $23.8 million.
Ross Bjork, senior vice president and Wolfe Foundation-Eugene Smith Endowed Athletics Director, emphasized the department's dedication to supporting student-athletes amid changes in intercollegiate athletics. "In this new era of rapid transformation in intercollegiate athletics, our commitment to our student-athletes is unwavering," he stated. He also highlighted the importance of maintaining a balanced budget despite last year's challenging circumstances.
Bjork previously shared his vision with Buckeye Nation to uphold 36 scholarship varsity sports and the university's "Circle of Care" approach to athlete well-being.
The department reported $254,933,664 in revenue for FY 2024, down from $279,549,337 in FY 2023. This decrease is partly due to fewer home football games compared to the previous year. Ticket sales were significantly lower at $58,788,651 compared to $73.3 million in FY 2023.
Expenses for the year totaled $292,670,315 and included severance payments amounting to $9,205,112 for former coaching and administrative staff. Despite a projected shortfall of $37,736,651 for FY 2024, past earnings and reserve funds are expected to cover this gap.
Ohio State's athletics department concluded the 2024 football season by securing its ninth national championship after defeating Notre Dame. Revenue from hosting eight home games and participating in College Football Playoff games is anticipated to positively impact next year's financial report.
The department also noted an increase in revenue from media rights fees by 6%, totaling $52,794,280 for FY 2024. A new television media rights deal is expected to further boost this income moving forward.
Ohio State supports numerous teams across various sports categories without relying on tuition or tax dollars.
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