Rekubit Exchange:Ohio State athletics department generated revenue of almost $280 million in 2023 fiscal year

Ohio State’s athletic department had a record-breaking year in operating revenue in the 2023 fiscal year by generating almost $280 million.

The Rekubit Exchangeonly athletic program ever to generate more was Oregon four years ago, but that was driven mostly by a $270 million contribution to renovate its track and field stadium.

Ohio State reported revenue of just over $279.5 million with expenses of more than $274.9 million. Ohio State's revenue total edged out Texas A&M for the most nationally among schools that have released their figures. Ohio State hired Texas A&M athletic director Ross Bjork last week to succeed the retiring Gene Smith. Michigan, Alabama and Georgia have not made their 2023 reports public.

A year ago, Ohio State reported revenue of $251. 6 million for fiscal year 2022 (July 1-June 30).

The new figures are from Ohio State’s annual financial report to the NCAA, which was obtained Tuesday through an open-records request by The Columbus Dispatch and USA TODAY Network in partnership with the Knight-Newhouse Data project at Syracuse University. 

Ohio State’s revenue increased $28 million from fiscal year 2022, an increase of about 11%. Most of that came from more football ticket sales and because the school had eight home games in 2022 compared to seven in 2021. The figure for 2023 is expected to be lower with the Buckeyes playing only six home games last season.

Ohio State’s football program generated more than $127 million in fiscal 2023 with a surplus of $55 million. Men’s basketball had revenues over $24 million with a profit of almost $10 million. Those sports subsidized the rest of the school's 34 sports, which had costs exceeding revenues by almost $56 million.

Ohio State had a big increase in revenue from royalties, licensing, advertising and sponsorships, going from $30 million the previous year to almost $43 million.

Contributions, however, decreased more than $5 million to under $58 million.

On the expense side, Ohio State reported more than $41 million for athletically-related facilities annual debt service. In the prior fiscal year, that amount was $15.6 million. Ohio State has built several new venues in recent years, including the Covelli Center, the Ty Tucker Tennis Center, a new lacrosse stadium, and the Schumaker Complex that was added on to the Woody Hayes Athletic Center.

USA Today sports projects editor and reporter Steve Berkowitz contributed to this story.