Colorado State received an unexpected boost to their coffers thanks to their fancy new stadium.
In the school’s latest athletics financial report covering the 2017-18 financial year, the Rams reported a tidy $4.6 million profit at what is now known as Canvas Stadium thanks to significant revenue increases beyond what was projected when the facility opened. While the overall number isn’t much compared to Power Five programs like a Michigan or Alabama, the seven-figure sum is pretty notable for a Group of Five school.
Not everything in the report was good news however, as expenses were double what were projected at $3.1 million. This includes over $1 million in increased costs for game day expenses above projections and a huge jump in security costs.
“We were working hard to deliver an extraordinary game-day experience and also mitigate impacts on the community,” AD Joe Parker told the board, according to the Fort Collins Coloradan. “We’ve looked carefully now at the operations of the stadium, and we think there’s going to be some cost savings in the future.”
All told, the Rams say they increased revenue from $15.7 million in the 2016-17 fiscal year to $24 million in 2017-18, including a $1.6 million bump from things outside the stadium. The on-campus facility also benefits from one of the richest naming rights deals at the Group of Five level that includes a total payout of $37.7 million over 15 years.
CSU’s athletic department budget for the upcoming 2018 fiscal year is set to be bumped up to $41.9 million, the bulk of which the football program will be responsible for. If the Rams can breakout of their 7-6 rut they’ve been in the past three seasons, all those numbers mentioned above could even be beefed up further.