NC State reports $2 million in losses after initial coronavirus budget hit. The worst is yet to come
RALEIGH — After the coronavirus forced the cancellation of sports during the final months of the last fiscal year, NC State's athletic department reported a loss of more than $2 million.
Despite an increase of ticket sales in football and men's and women's basketball from 2019 to 2020, NC State reported a net loss of $2,158,899, according to the school's annual NCAA financial report -- an annual summary available through public records law that every school sends to college athletics' governing body.
The 2020 fiscal year began July 1, 2019, and ended June 30, 2020.
It's a nearly $4 million downturn from 2019, when the school reported a profit of $2,624,523 from athletics. According to school officials, the loss of revenue in 2020 was covered by the school's athletics reserve cash balance.
NC State's budget figures are included in the school's NCAA financial report.
It's only the first wave of what are massive projected losses for athletic programs across the country next year, after the 2020 football season was played in empty or limited capacity stadiums.
NC State athletic director Boo Corrigan said in September 2020 that he projected between $25 to $35 million in loses for his department in the next fiscal year. Corrigan, football coach Dave Doeren and men's basketball coach Kevin Keatts each accepted a salary reduction and coaches who made less than $100,000 were furloughed for 19 days.
NC State's football program made $23,070,199 in net revenue during a 2019 season where the team finished 4-8 overall and without a bowl game. It was a slight increase from the $21,983,076 made from the 2018 season after the Wolfpack finished 9-4 and played in the TaxSlayer Gator Bowl.
According to the 2020 report, NC State made $47,324,3455 from football gross revenue, including ticket sales, media rights and donations with an operating expense of $24,254,256.
NC State football gave out $700,479 in severance payouts in 2020 and shelled out $468,110 for recruiting.
NC State football had no fans at its season opener against Wake Forest and was then allowed to fill Carter-Finley Stadium to 7% capacity -- around 4,000 fans -- for the remaining five home games.
There were no season tickets sold for the 2020 football season.
The men's basketball program reported a net profit of $5,344,778 in 2020, according to the report, which was just over a $1 million less from 2019 ($6,360,215).
NC State made over $300,000 more in ticket sales from 2019 to 2020 -- $7,429,367 to $7,732,600 -- but with the NCAA Tournament canceled, NC State received $1,342,145 less from NCAA distributions than the previous season.
The NCAA lost around $800 million after March Madness was canceled, and the governing body's event cancellations insurance policy for the tournament totaled only $270 million.
The men's and women's basketball program will see large losses in ticket sales at the end of the next fiscal year. Only 25 fans, from each team, are currently allowed to attend home games at Reynolds Coliseum.
The women's basketball program ran out a $2,536,155 loss, a comparable number to past years.
David Thompson is an award-winning reporter for the USA Today Network covering NC State and Duke athletics. He can be reached at dthompson1@gannett.com, at 828-231-1747, or on Twitter at @daveth89.
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