Tennessee Athletics Sees Record-Breaking Revenue Growth
The University of Tennessee athletics department has reported a record-breaking $234 million in revenue for the 2023-24 fiscal year. This marks the third consecutive year of record-high revenues for the department.
Key Drivers of Revenue Growth
The surge in revenue is largely attributed to an 18% increase in football ticket sales and an 11% spike in contributions for season tickets at Neyland Stadium. These increases accounted for almost half of the total revenue growth.
Rising Costs and Expenses
Despite the significant revenue growth, the athletics department’s expenses also saw a substantial increase. The athletic budget grew by 21% due to various factors, including:
Bonuses for coaches who won championships
Facility upgrades and renovations
Increased recruiting budgets for high-profile sports
Revenue Outpaces Expenses
Notwithstanding the rising costs, the athletics department’s revenue still outpaced expenses by $2.2 million. The department reported $234 million in revenue and $231.8 million in expenses, both of which are the highest in UT history.
Future Growth Prospects
Athletics director Danny White is optimistic about the department’s future revenue growth prospects. He believes that with a passionate and huge fanbase, UT can become the highest-revenue athletics department in the country.
“We can become the highest in the country here at Tennessee,” White said. “When you have a passionate huge fanbase, you can turn that into operational revenue. We’ve got some growth ahead of us, and I think we can get to the top.”
The 2023-24 fiscal year ended on June 30, and universities were required to submit their annual fiscal reports to the NCAA in January. UT provided its report to Knox News, which highlights the department’s impressive revenue growth and future prospects.
