Louisville athletics' 2022 fiscal year, which saw the departures of university president Neeli Bendapudi and athletics director Vince Tyra amid relaxing COVID-19 precautions at sporting events, was a return to form.
After hiring interim AD Josh Heird to the position full time in June 2022, U of L finished the fiscal year in September ranked 23rd among the highest-grossing public Division I programs nationwide with $146.23 million, a USA TODAY Sports analysis shows.That's up more than $45 million from the pandemic-influenced FY2021, which saw the athletic department bring in $101.11 million, after totaling $147.48 million in revenue during FY2020 and $148.34 million in FY2019.
The data come from financial reports public schools provide annually to the NCAA. USA TODAY Sports obtained the reports in partnership with the Knight-Newhouse Data project at Syracuse University.
The ACC member schools that did not report FY2022 revenues or expenses were: Boston College, Duke, Miami, Pittsburgh, Syracuse and Wake Forest.
Only three of the participating ACC member schools ranked ahead of the Cardinals in revenue generated during the 2022 fiscal year — Virginia (14th, $161.92 million), Florida State (15th, $161.14 million) and Clemson (17th, $158.28 million). The Seminoles (16th, $150.78 million), Cavaliers (17th, $150.58 million) and Tigers (22nd, $143.36 million) also totaled more expenses.
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Louisville ranked 24th in FY2022 expenses with $139.98 million. Of that money, a 21% majority ($29.05 million) went toward "Other Expenses," which the Knight-Newhouse Data project defines as related to: equipment, uniforms and supplies, fundraising, marketing and promotion, camps, spirit groups, direct overhead and administrative expenses, indirect institutional support, membership and dues, athlete meals and other operating expenses.
Another $26.14 million (19%) was directed toward coaches' salaries, and $25.76 million (18%) was used to compensate administrative and support staff members while making severance payments to former coaches (i.e. Chris Mack) and administrators.The Cardinals' recruiting budget jumped from $320,340 in FY2021 to $2.13 million in FY2022 — fourth among ACC member schools that submitted financial reports.
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Here are three more takeaways from Louisville's report and USA TODAY Sports' data analysis:
Donor contributions bounce back after down FY2021
The majority (27%, $39.25 million) of Louisville’s FY2022 revenue came via distributions from the NCAA and ACC, which according to tax documents released in May paid the university $40.4 million of its record $617 million haul, as well as money generated through media rights and the Cardinals' trip to the 2021 First Responder Bowl.
But donations ($30.41 million) were U of L’s second-largest revenue stream during that period, totaling 21% of the department's annual earnings. That's an increase of more than $18 million from the 2021 fiscal year, during which the athletic department generated just $11.64 million in donor contributions amid the COVID-19 pandemic. It reported $36.36 million in donations during FY2020; $38.19 million during FY2019; $35.61 million during FY2018 and $39.27 million during FY2017.
Louisville ranked fourth in donor contributions among participating ACC member schools. Virginia topped the conference with $62.65 million, followed by Clemson ($60.86 million) and Florida State ($42.28 million).
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Ticket sales increase, remain below pre-pandemic levels
Louisville generated $27.05 million in ticket sales, 18% of its total revenue, during the 2022 fiscal year after reporting just $5.87 million in 2021 — a major step toward catching up to its pre-pandemic totals of $32.81 million (22%) in FY2019, $32.58 million (23%) in FY2018 and $32.59 million (24%) in FY2017.
U of L ranked third in ticket sales among participating ACC member schools, trailing only Clemson ($31.98 million) and North Carolina ($30.22 million). N.C. State ($21.21 million) and Virginia Tech ($21.17 million) were the only others to generate more than $20 million in ticket sales.
With excitement building for Louisville native Jeff Brohm's first season as the head football coach of his alma mater, FY2023 should end on a high note after sparse crowds became commonplace at the KFC Yum! Center during the worst men's basketball season in modern program history.
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ACC lags behind SEC, Big Ten
Although the ACC set a new record for money generated ($617 million) during the 2022 fiscal year, the Big Ten and SEC remain top dogs.
Eight of the top 10 highest-grossing athletic departments call either the Big Ten or the SEC home. The other two programs, Texas and Oklahoma, are heading into their final year as members of the Big 12 before joining the SEC in 2024.
The Big Ten posted the largest conference revenue total during FY2022, $845.6 million, distributing an average of $58.8 million to its member schools. The SEC came in second with a revenue of $802 million, which was lower than its FY2021 total of $833.4 million. Schools in both conferences are set to receive about $75 million in 2024 as part of newly negotiated media rights deals.
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The ACC, on the other hand, is locked into its television agreement with ESPN until 2036, creating angst among member schools that fear they won't be able to keep up. The conference is hoping to close some of that gap with a new revenue distribution model, dubbed a "success incentive initiative," that will reward member schools based on performance in revenue-generating postseason competition. The rest of its revenue will continue to be distributed equally among members, according to a May news release from the league.
Louisville football, women's basketball and baseball beat writer Alexis Cubit contributed reporting. Reach Louisville men's basketball reporter Brooks Holton at bholton@gannett.com and follow him on Twitter at @brooksHolton.
