Tax Documents Show Missouri Took Financial Hit When Leaving Big 12 For SEC
The Univ. of Missouri last year left the Big 12 for the SEC, and NCAA disclosures and tax returns for the '11-12 financial year, show a "better understanding of the cost of embarking on new paths," according to Blair Kerkhoff of the K.C. STAR. Big 12 tax returns show Oklahoma "received the greatest chunk" at $14.5M, while MU earned $1.4M. The withholding served as MU's "penalty for departing the Big 12." Meanwhile, Kansas reported an $8.7M loss for the school year, "mostly because of severance payments to fired football coach Turner Gill and the assistant coaches." Kansas State reported about $6.7M "less in operating revenue than the previous year." But the school took in $12.3M "more than they spent, making K-State the only one of the three major Division I athletic departments in the area that reported a 2011-12 bottom line -- revenue minus expenses -- in the black." MU's total bottom-line hit for '11-12 was $16.2M "in the red." MU also "ran at a small operating loss, as it did in 2011 and 2010." MU also "believed it would share in some additional Big 12 income," a piece of the $45M signing bonus the league received from Fox as part of their $2.6B TV rights deal. But the timing "worked against" the school. MU Senior Associate AD/Operations Tim Hickman said, "We left before it kicked in and didn’t get a part of that." SEC schools last year received about $20M "from the conference office." But industry analysts believe the SEC "will be in a position to distribute" as much as $35M per school in two years when "new television deals are struck." KU's $12M in basketball ticket revenue for '11-12 "nearly doubled football ticket sales" of $6.5M (K.C. STAR, 3/10).