UConn's men’s basketball program reportedly lost about $5M in FY '18GETTY IMAGES
UConn's athletic spending "outpaced revenue" by more than $40M in FY '18, according to Pat Eaton-Robb of the AP. UConn reported that "total generated revenue" from sports last year totaled $40.4M, while expenses came in at $80.9M. UConn spokesperson Stephanie Reitz said that the gap is a result of "declining conference and media licensing revenue and rising costs." Eaton-Robb noted the school received $7.1M in "conference distribution funds" last year and another $1M in "media rights," down from $7.3M reported in FY '17. To help close its budget gap, the athletic division received $30M in "institutional support" and another $8.5M from "student fees" last year. That was down from $34M in "institutional support" in '17. UConn's football program had an $8.7M deficit; men’s basketball lost about $5M; and women’s basketball, a "perennial power," lost just over $3M. UConn AD David Benedict has said that the school's financial struggles "won’t impact the planned construction of new baseball, softball and soccer stadiums, which are being paid for mostly through private donations" (AP, 1/17).
COST OF DOING BUSINESS: In Hartford, Alex Putterman in a front-page piece notes UConn’s jump from the Big East to the AAC in '13 "cost the athletic department significant money in media rights and bowl payouts." Reitz said that although UConn’s sports teams "lose money, they 'play an important role in the life of the university and the state.'" UConn has been "hurt in recent years by the slipping performance of its football and men’s basketball programs, whose struggles have affected attendance and therefore revenue." Football saw a 28% decrease in "ticket sale revenue last year," from $3.3M in '17 to $2.4M in '18, while men’s basketball during '17-18 had its "lowest attendance numbers in 30 years, leading to a reduction in revenue generated by the team" (HARTFORD COURANT, 1/18).
