One of the lasting impacts of former Texas athletic director DeLoss Dodds was a now infamous quote when he quipped that the Longhorns were not just keeping up with the Joneses, UT was the Joneses of college athletics. While some may take offense to that characterization, there’s no denying it when you look at the program’s bank account.
USA Today obtained Texas’ financial report to the NCAA for the 2017 fiscal year and not surprisingly the 40 Acres reeled in the most money (and spent it) in the country. Just how much did the cash cows bring in? Well, the Longhorns became the first department to cross the $200 million threshold in both operating revenue and operating expenses and setting a new benchmark in the process.
The report stated that UT brought in nearly $215 million in annual operating revenue last year and had total operating expenses of $207 million, big increases from 2016 when the school had “only” $188 million in revenue. Despite all that cash, the department actually had a deficit in 2017 though. While you may be incredulous at that fact given the figures involved, turns out the reason is because the athletic department made a $10.3 million transfer to the university proper that put them in the red instead of the black.
Technically, Big 12 rival Oklahoma State reported $241 million in revenue back in 2006 to be the first to cross the $200 million barrier but that was mostly the result of accounting practices that involved what USA Today describes as nearly $165 million in gifts from booster T. Boone Pickens for facility upgrades at the school.
Some other interesting figures from the report via the paper:
- Ticket revenue was up $11.6 million to a total of $72.5 million, a figure that is more than any other school by nearly eight figures.
- $42.4 million of the revenue was attributed to football (up from $37.4 million in 2016).
- Severance pay at the school increased $5.7 million to a total of $9.2 million. $7.1 million of that latter figure was the result of Charlie Strong being fired by the school and his and his staff’s associated buyouts.
Pretty impressive to see all that burnt orange turn into green last year. Now just imagine how quick that cash register will be ringing if Tom Herman can guide the football team to a season that finishes better than 7-6.