Ohio State’s new annual revenue-and-expenses report to the NCAA shows that their total operational expenses for the 2024 fiscal year came to $292.3 million. Since the NCAA started using its current reporting system in 2005, the sum is the second-highest single-year spending total for a Division I public school when inflation is taken into account.

Alongside Monday’s announcement of the increased spending total for the period ending June 30, 2024, there was a $37.1 million operational loss. Later on Monday, Texas released its financial report, which revealed $325 million in operational costs.

Nonetheless, a $14.6 million drop in ticket sales as a result of the Buckeyes playing six home football games in 2023 compared to eight in 2022 and additional $8.5 million in severance expenses related to the dismissal of men’s basketball head coach Chris Holtmann in February 2024 are at least partly to blame for Ohio State’s deficit.

With $274.9 million in fiscal 2023, Ohio State also had the highest operating spending total for a single year in the past. Thus, the updated total is a little more than 6% higher. The numbers for both years are predicated on the school’s admission that it supports 35 teams, making it one of the biggest athletic departments among public colleges in Division I.

Operating expenses for Texas, which had 21 teams in 2023, came to $232.3 million, the second-highest amount until this year.

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Through an open records request, the Columbus Dispatch of the USA TODAY Network was able to get Ohio State’s latest report on Monday. The long-term data was collected in collaboration with Syracuse University’s Knight-Newhouse College Athletics Database.

According to the fiscal 2024 operating spending data gathered thus far, Texas A&M reported $243.7 million and Alabama $262.8 million.

Ohio State’s 2024 total continued the overall recent trend of expenditure increases, even though it is no longer uncommon for colleges to set income and/or spending records nearly every year. Ohio State reported spending $254.1 million in fiscal 2018 after accounting for inflation as of June 2024.

In a statement issued by the university, sports director Ross Bjork stated, “Our dedication to our student-athletes is unwavering in this new era of rapid transformation in intercollegiate athletics.” “As they strive for and win national, conference, and individual event titles, we are committed to helping them in the classroom, the training facility, and on the playing field. We have a strong income and spending plan that has been put into place, and we have made excellent strides in this constantly shifting world of college athletics, even though last year’s budget effect was not ideal and there were special circumstances at play. Going forward, we will ensure that our budget is balanced.

In addition to ticket sales, Ohio State had significant year-over-year drops in royalties, licensing, and sponsorship ($8.7 million) and contributions ($5.3 million) in fiscal 2024.

Notable increases in coaching salary ($9 million) and administrative and support staff remuneration ($5.4 million) were also included in the expense side.