Georgia Tech Athletics Posts $2.1M Surplus For FY '17-18
A year after posting a $2.9M deficit, Georgia Tech athletics will come out $2.1M "ahead in its annual budget" for FY '17-18, according to Ken Sugiura of the ATLANTA JOURNAL-CONSTITUTION. However, GT Associate AD/Finance & Administration Marvin Lewis "offered a worst-case scenario" of a $2.8M deficit for FY '18-19, as revenues are "expected to fall" by about 5% compared with the '18 budget. For FY '17-18, GT is to finish with $88.3M in revenues, almost $4M "over the budget." The athletics department earned $15M in ticket sales -- $843,000 above the budgeted total -- as "better-than-expected premium-ticket sales and a successful strategy in the secondary market helped beat projections." GT also had "budgeted revenue from the Dream, Atlanta United, Hawks and the NCAA." The program will "take a financial hit in moving from Russell Athletic to Adidas as its apparel provider, as the department will receive $200,000 annually from Adidas compared with $950,000 from Russell." There are also "additional expenses for infrastructure and personnel" with the planned August '19 launch of the ACC Network. There is an "anticipation of budget surpluses" beginning in FY '19-20 and beyond (AJC.com, 6/12).