Ohio State University athletics department reported a deficit of nearly $38 million for the 2024 fiscal year, which ended on June 30. According to documents obtained by Cleveland.com, the Buckeyes recorded $254.9 million in revenue, a drop from their record $279.5 million revenue in the previous year. Expenses, however, totaled $292.7 million, including nearly $10 million in severance payments and benefits to former coaching and administrative staff.
Despite the shortfall, Ohio State assured that the deficit was expected and would be covered through reserve funds, past earnings, and projected future revenue. Athletics director Ross Bjork emphasized the department commitment to maintaining its 36 sports programs while also allocating $20.5 million annually to revenue-sharing agreements with student-athletes.
Increased spending on athletic student aid was notable, rising to over $26 million compared to $23.8 million the year prior. Ticket sales remained a significant revenue driver, contributing $58.8 million, largely from a successful 2023 football season with six home games. However, the revenue from the 2024 season, which included eight home games, a College Football Playoff home game, and a national title run, will be reflected in the 2025 fiscal year.
Looking ahead, Ohio State expects a boost in media revenue thanks to a new media rights deal. Bjork suggested the department 2025 budget could surpass $300 million, marking a significant shift in the financial landscape.
“In this new era of rapid transformation in intercollegiate athletics, our commitment to our student-athletes is unwavering, Bjork said. He also reaffirmed Ohio State dedication to academic, athletic, and personal support for its student-athletes while implementing a robust financial strategy to ensure a balanced budget in the future.
