Nebraska Athletic Department breaks $200 million revenue barrier in record fiscal year

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Nebraska Athletic Department breaks $200 million revenue barrier in record fiscal year

For the first time in its history, the Nebraska Athletic Department generated more than $200 million in revenue during a fiscal year, according to NU's annual report to the NCAA.

The report, obtained via a record request, reveals Nebraska generated $204,831,356 in revenue between July 1, 2022, and June 30, 2023. NU typically submits the report in December and provides copies in mid-January.

The FY23 revenue is $61 million more than the $143 million generated in FY22. The majority of that gap, NU officials confirmed Thursday, can be attributed to nearly $61 million in contributions from fans and boosters related to the department's new $165 million football building, tabbed the Go Big project, that will eventually also house NU athletics' cafeteria and study spaces.

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Husker football players utilize some of the building — not yet named — but final completion remains months away.

In the previous fiscal year, NU reported just over $1 million in donor contributions.

Nebraska generated $100 million in revenue for the first time in fiscal year 2014-2015. With the exception of fiscal year 2020-2021, which spanned the first 18 months of the COVID-19 pandemic, NU's revenues have generally increased.

As is common in non-COVID years, the Athletic Department operated at an eight-figure surplus — $13,956,972 in fiscal year 2022-2023 — but athletic facility debt service, related to the new building, increased by more than $22 million. Direct overhead expenses — related to administrative fees, facility maintenance, risk management, repair and utilities — jumped from $24,935,036 in 2021-2022 to $40,680,263 in 2022-2023. NU paid $8,326,198 in coaching severance pay — the school fired Scott Frost in early September — and spent $1 million more on food for student-athletes and staff.

Under new coach Matt Rhule, Husker football had a more expensive recruiting price tag, too. NU spent a little over $1 million in 2021-2022 for football recruiting. In 2022-2023, that figure jumped to $1.7 million, likely Nebraska's highest-spending year.

NU's football program still generated a massive surplus — just over $50 million — after generating $122,800,311 in revenues and spending $72,796,234. Men's basketball and volleyball also produced a surplus — the latter by all of $6,572. Thanks to the Volleyball Day in Nebraska Memorial Stadium match, which occurred two months after the end of the reporting period, Husker volleyball will produce a much bigger surplus in the next fiscal year.

Though revenue figures nationwide trickle out via media reports, it's possible NU's $204 million is among the nation's top 10 revenues for FY23. Last year, according to USA Today, Oklahoma finished 10th at $177 million among public schools required to release their information. Nebraska did not finish in the top 25 nationally or the top half of the Big Ten.

Ohio State and Texas often finish first and second each year; in the last week, OSU reported $279.5 million in revenue, while Texas reported $271 million. Texas A&M — which just lost athletic director Ross Bjork to the Buckeyes — reported $279.2 million.

Oregon holds the record revenue of $391 million in 2019-2020, though a giant chunk of that figure, according to Sportico, was related to a one-time gift for the school's $271 million track renovation.

More details

* The Big Ten media rights deal paid NU $48,898,410, nearly $4 million more than the previous year.

* NU made $31,343,073 in royalties and licensing, $2 million more than the previous year.

* Nebraska generated less revenue in ticket sales — $38,062,001 in 2022-2023 compared to $38,946,701 in 2021-2022. NU's football attendance dipped toward the end of the 2022 season after Frost had been fired.

* Accumulated coaching salaries went from $23,282,418 in 2021-2022 to $26,101,804 in 2022-2023. Accumulated administrative/staff salaries went from $28,680,211 to $32,255,457.