A year after reporting record revenue and a $17.9 million profit margin, Auburn’s athletics department saw its revenue decrease by $30 million year over year and operated at a $9.7 million loss, according to a copy of the university’s annual NCAA financial report obtained by AL.com through a public records request. It’s the first time in seven years that Auburn athletics has operated at a loss.
You probably won’t be surprised why.
… After reporting $33,820,864 in ticket revenue during the 2019-20 fiscal year, that number plummeted to just $3.7 million during the 2020-21 fiscal year, according to the document. Auburn reported just $3.2 million in football ticket sales, which was down from $31 million the prior year, and just $180,757 in men’s basketball ticket sales, which was down from $2.1 million the year before.
The loss of ticket revenue from the university’s two most profitable sports, paired with a significant jump in severance payments due to former coaches and administrators, played into the athletics department operating at a loss for the first time in seven years. Auburn reported just $734,877 in severance payments due to former coaches during the 2019-20 fiscal year, but that number ballooned to $16.6 million during the most recent fiscal year. Of course, the bulk of that was due to the turnover within the football program, with Auburn doling out $16.08 million to former football coaches during the 2020-21 fiscal year following the firing of former coach Gus Malzahn and the majority of his staff.
In retrospect, maybe paying out millions in buyout money during a pandemic wasn’t the sharpest business decision. But at least they got a better record out of it… oh, wait. And if Harsin turns in a losing record this season? Lather, rinse, repeat. Boosters, to your checkbooks!
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UPDATE: While over in Athens…
Georgia athletics reported a surplus approaching $21 million for the fiscal year that ended last June in the first full academic year impacted by the pandemic and limited attendance.
The Georgia Athletic Association reported total revenues of $153,177,131 and total expenses of $132,555,972 for a difference of $20,621,159, according to a draft IRS Form 990 that was accepted by the athletic board’s finance committee on behalf of the full board in a meeting on Tuesday morning.
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