Revenues are forecast to rise from an expected $83.7M in FY '20 to $91M next year and $101.3M in FY '23GETTY IMAGES
Georgia Tech’s finances will have to endure a "second bumpy year in a row," but in the following fiscal year, school and athletic-department officials "expect a significant increase in revenues thanks to revenue streams such as the ACC Network and the football team’s five-game series at Mercedes-Benz Stadium," according to Ken Sugiura of the ATLANTA JOURNAL-CONSTITUTION. While revenues "have been projected" for $83.7M for FY '20, which began July 1, they are "forecast to rise" to $91M next year and $101.3M in FY '23. GT Associate AD/Administration & Finance Marvin Lewis said that after running a $9.6M deficit in FY '19, due in part to the "football coaching transition," the athletic department is "projected to stay in the red again" -- this time a $1.7M deficit. The two deficit-spending years follow a four-year period in which the athletic department had "finished the year in the black three times and maintained a reserve-fund balance" of $5M. Besides the soon-to-launch ACC Network and the series at Mercedes-Benz Stadium, GT will also "renegotiate its multi-media rights contract with IMG" in the coming years. Revenues for this coming year include $31.8M from the ACC, up from $28M this past year. The bump also includes an estimated $1M in "new revenue from the ACC Network" (AJC.com, 7/15).
