Despite revenue growth, university floats $40 million to MU Athletics in 2023-24 school year
COLUMBIA, Mo. (KMIZ)
MU Athletics saw an 18% growth in revenue last school year, but still took more money from the university to operate.
The athletics department ended the 2023-24 school year with a $15 million deficit, less than the $18 million it ended the previous year at. The football team's 11-win season, capped with a Cotton Bowl victory, netted the school $3 million more in ticket sales and about $500,00 more in contributions.
Revenues climbed last year to $168 million while expenses came in at $183 million. MU reported bringing in $141 million in 2022-23 and spending $160 million.
The university announced on Wednesday morning that it provided the athletics department with $25 million in "direct institutional support," $3 million more than what it sent to the department the year prior. A news release said the school also offered a $15 million "internal loan" from it for the fiscal year that ended on June 30, 2024, to cover the ending operational losses. School spokesman Christopher Ave said that MU expects the $15 million to be repaid.
Records obtained by ABC 17 News show the football team's success carried much of the growth in ticket sales for the year. MU reported selling $19 million worth of tickets in 2023-24, up from the $16.9 million reported the year prior. Football's sales went from $10 million to $13 million. Despite a lackluster result for the men's basketball season, the program grew in ticket sales from $4.5 million to $4.7 million.
The softball program also sold $139,390 worth of tickets for its season that brought in a postseason regional tournament in the summer.
Contributions to the athletics programs went up by $8 million in the 2023-24 athletic season, powered by giving to the men's basketball program. Those contributions doubled from $1.2 million to $2.5 million. The athletics department reported a total of $36 million in contributions, up from the $28 million in 2022-23.
Coaching and support staff salaries made up some of the biggest increases in expenses to athletics last school year. Each category climbed to $30 million, up $5 million and $4 million, respectively.
The marketing budget also increased significantly, clocking in at $12 million last year compared to $1.5 million the school year prior. ABC 17 News asked MU Athletics about the increase, but has not heard back as of Wednesday evening.
MU Athletics has spent the past several months discussing the financial changes coming to collegiate athletics. A court settlement involving the NCAA paves the way for schools to directly pay athletes, with schools needing to spend $22 million for such participation. Athletics Director Laird Veatch mentioned "strategic changes" to how MU does business, including ticket prices and donor perks.
MU is one-of-six SEC schools to provide direct financial support to its athletic program. The MU Faculty Council noted that only Auburn University gave athletics more money than MU in 2022-23.
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