The Univ. of Tennessee’s athletic department "operated at a six-figure deficit" during FY '20, according to Blake Toppmeyer of the KNOXVILLE NEWS SENTINEL. UT attributed its operating deficit of $488,857, in part, to "pandemic-induced revenue reductions," while noting that the financial loss was "not as great as it initially expected." The school's "finish in the red" comes after it reported a $789,730 "operating surplus" for FY '19. UT reported $140.3M in "revenue, a 2.4% decrease from the previous fiscal year." Notably, UT’s "NCAA distribution revenue dropped" from $2.9M during FY '19 to $737,623 during FY '20. That reflects, in part, the "financial impact of not having an NCAA Tournament for men’s basketball." The school reported $140.8M in "total operating expenses," marking a 1.5% "decrease in expenses from the previous year." UT "cut its recruiting expenses by about $860,000," and "trimmed $1.5 million from its travel expenses." The pandemic's financial effect "likely will be seen more severely on next year’s report" (KNOXVILLE NEWS SENTINEL, 1/17).
