Ohio State Projects $130.3M Revenue Loss After Football Season PostponedAugust 24, 2020
The Big Ten's postponement of fall sports has already created a large financial loss for the Ohio State athletic department.
According to Joey Kaufmann of the Columbus Dispatch, the school provided projections to its board of trustees and expects to miss out on $130.3 million in revenue.
The official reasoning for the drop in expected revenues is "losses of ticket sales, media rights fees and other conference-related revenues distributions stemming from a fall season," per Kaufmann. Details for the athletic department's budget were included in a number of materials as Ohio State's operating budget for the 2021 fiscal year comes up for approval Thursday.
Buckeyes athletic director Gene Smith declined comment to Kaufmann until after Thursday's meeting.
According to the Columbus Dispatch, revenue generated by college football accounts for more than half the athletic department's annual budget with ticket sales and media rights serving as the two biggest financial generators.
While the Big Ten is currently exploring options for a spring football season, that would do little to help the current fiscal year, which ends Dec. 31.
No specifics for how to make up for the shortfall were included in Ohio State's prepared report, and cost-cutting measures were not submitted.
Smith's comments Thursday should provide more context for how the university plans to move forward in the current financial climate.