Kansas Athletics Posts Losses For FY '18, Down For Second Straight Year
Kansas Athletics posted a more than $5M loss as department spending "again exceeded athletic revenues" during FY '18, according to a front-page piece by Chad Lawhorn of the LAWRENCE JOURNAL-WORLD. KU alumnus David Booth "made history" in September '17 by pledging $50M over a five-year period to the athletic department. That pledge "showed up for the first time on Kansas Athletics' financial statements this year." However, because "most of the pledge comes with the condition that it be used to improve athletic facilities," the $50M "doesn't appear in the key part of Kansas Athletics' finances that show how much money the department has to run its day-to-day operations." The amount of "unrestricted assets Kansas Athletics has to run its operations declined" by $5.4M for the year. This year marks the "second in a row that Kansas Athletics -- which is its own nonprofit corporation but is wholly owned by the university -- posted a loss." Athletic department spending for FY '17 "totaled a little more" than $110M, up about 9.5% from last year. However, revenues totaled about $105M and "grew at a rate" of about 5%. During this time, increases in athletic department salaries "have been a big driver." Despite a 3-9 season for KU football, "overall ticket revenue increased for the department." Statements listed $20.5M in "ticket sales for all KU sports" (LAWRENCE JOURNAL-WORLD, 12/4).