COLUMBUS – The COVID-19 pandemic took a big bite out of the revenues of the OSU Department of Athletics, according to the latest annual financial report filed with the NCAA.
During the 2021 fiscal year, when games and seasons were canceled or teams played in empty or nearly empty stadiums and arenas, the athletics department brought in $127 million less than it had the year before, when it earned a record $233.9 million, a 54% drop.
Between July 1, 2020, and June 30, 2021, athletic event ticket sales plummeted from $66 million to less than $7,400, a 99% decline, the report states.
The football team, which is the department’s biggest draw, also suffered the most.
The Buckeyes played only five regular season games, all of them closed to fans, and as a result, football revenue dropped from $115.5 million to $41.9 million.
Although its expenses declined from $215.2 million to $170.5million, the department still posted a deficit of about $41 million.
The department may borrow money from the university to cover the deficit, a decision that will be made at the end of 2022.
Ohio State’s athletic department is self-funded and receives no tuition or tax dollars.