Maryland Athletics Sees Surplus For '12-13, Partially Due To Eliminated Sports
The Univ. of Maryland athletic department "recorded a surplus of $346,541" for FY '13, an "increase of more than $300,000 from the previous reporting period," according to Alex Prewitt of the WASHINGTON POST. The surplus "could help make a small dent in an operating deficit ... that has grown into the tens of millions of dollars" as the ACC continues to withhold revenue from the school while involved in a lawsuit over Maryland's planned move to the Big Ten. The department's annual debt service for athletic facilities reached $7.8M, up from $6.7M in FY '12, "while its outstanding debt balanced on athletic facilities has increased" from $55.96M to $74.56M. Overall revenue was down roughly $5M year-over-year, while ticket sales decreased by $1.7M and "contributions dropped" by nearly $800,000. However, UM generated a "larger surplus thanks to a reduction in expenses after the school eliminated seven sports" in July '12. Football ticket-sales revenue dropped from $6.62M in '11 to $4.4M in '12, while men's basketball "enjoyed a boost of roughly a half-million dollars, overtaking football for the department's leader in total revenue" (WASHINGTONPOST.com, 3/25).