Missouri athletic department operates in red for third straight fiscal year
For the third straight year, Missouri’s athletic department operated in the red, according to financial documents sent from the school to the NCAA obtained by The Star.
Mizzou Athletics generated $106,610,244 in revenue during the 2019 fiscal year, down about 1% from last year. Mizzou reported $108,398,447 in expenses, also down slightly by about 1% compared to 2018.
The deficit for the 2019 fiscal year was $1,788,203, down from $1,806,941.
The 2019 fiscal year ran from July 1, 2018, to June 30, 2019.
The Southeastern Conference also announced on Thursday that it distributed, on average, about $44.6 million in revenue to each of the 14 member schools for the 2018-19 fiscal year, up from $43.1 million the previous year.
For Mizzou, revenue will be impacted in 2020 because of the NCAA’s postseason ban on football, baseball and softball, which means the Tigers will lose their share of SEC postseason revenue. The estimated revenue lost will be around $8 million to $10 million.
The school plans to cover the difference through a loan process, similar to when Missouri transitioned from the Big 12 to the SEC.
The fiscal year included the football team’s 2018 season, when quarterback Drew Lock and former coach Barry Odom led the Tigers to an 8-5 record and Liberty Bowl berth. On the basketball side, MU coach Cuonzo Martin’s second year was included, where the Tigers went 15-17 and 5-13 in the SEC.
Overall ticket sales were down from $17,592,152 to $16,225,689.
Despite a ranked team and a postseason berth in Lock’s senior season in 2018, the football team struggled with attendance. MU did not sell out a single game as south end zone construction led to reduced capacity at Memorial Stadium. Football ticket sales dropped from around $10.5 million to $9,573,361 during the 2019 fiscal year.
Ticket sales surged by $2 million in Martin’s first season — boosted by the arrival of the Porter brothers and an NCAA Tournament bid — but fell during the 2018-19 basketball season to $4,334,475 from $5,145,857 the previous year.
The 2020 fiscal year will also include the last season of football coach Barry Odom, who MU athletic director Jim Sterk fired after the 2019 season. Sterk then hired Eliah Drinkwitz to lead the team.
Sterk said at his news conference after firing Odom that dwindling ticket sales contributed to Odom’s dismissal. Sterk also added there was tremendous “momentum” going into the 2019 football season because of the new south end zone facility, among other areas, only to see it stalled as the team lost five of its last six and finished 6-6.
The 2019 football season saw the opening of the new south end zone facility at Memorial Stadium. More luxury seats, which are becoming commonplace around college football, should lead to future revenue.
Donor contributions increased again in the 2019 fiscal year under Sterk, up nearly $1 million to $26,507,812. Media rights was again the biggest source of revenue at $38,214,046, a slight increase from $38,055,881.
Coaching salaries rose slightly to $20,443,856. That number should increase in the 2020 fiscal year with Drinkwitz’s salary paying him $4 million, about $1 million more than Odom’s $3.05 million salary. Odom and his assistant coaching staff’s buyouts will also likely increase the number, though it’s unclear exactly how much of it was offset as the assistants found new jobs.
Overhead costs were down nearly $2 million to $15,348,050. The south end zone facility and other completed construction projects like softball facilities likely contributed to the savings.
This story was originally published January 29, 2020 at 7:09 PM.