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Dabo Swinney, Clemson football had $19 million profit in 2024. So why did athletics lose money?
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- Dabo Swinney, Clemson football had $19 million profit in 2024. So why did athletics lose money?
This article was updated to add new information and because an earlier version contained an inaccuracy.
CLEMSON — Clemson athletics slightly lost money in fiscal year 2024, according to documents obtained by The Greenville News .
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In its latest NCAA financial report, Clemson reported total operating revenue of $193.9 million and total operating expenses of $181.9 million during the fiscal year starting July 1, 2023, and ending June 30, 2024. Its revenue is down compared to fiscal year 2023, when it was $195.9 million, but its expenses increased from $174.2 million.
These numbers show the Tigers generated about $12 million profit, but the university said in a statement Tuesday that the NCAA report did not include nearly $13 million the school used to "pay for capital projects and facility enhancements" like its lacrosse and gymnastics facilities. Those expenses came in the form of cash transfers to plant funds, per Clemson, and the NCAA does not account for it in this report.
With this included, Clemson essentially lost several hundred thousand dollars in fiscal year 2024.
"The Clemson University Athletic Department has worked diligently to build financial health, including more robust revenue generation avenues and thoughtful evaluation of expenses throughout the organization," Clemson said in a statement.
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The biggest chunks of Clemson's revenue were contributions ($69.8 million), ticket sales ($39.2 million) and media rights ($30.6 million). Its largest expenses were support staff/ administrative compensation, benefits and bonuses ($35.8 million), coaching salaries, benefits and bonuses ($33.3 million) and athletic student aid ($24.5 million).
Here are the three takeaways from the NCAA report.
Dabo Swinney, Clemson football made big jump in revenue
Coach Dabo Swinney and Clemson football had a $19.4 million profit, according to the report, $9 million more than fiscal year 2023. Clemson brought in $87.1 million, a 13.4% increase from last year, and had $67.7 million in expenditures, a 1.5% increase from last year.
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Clemson football's revenue jump came from a boost in contributions. It got $10.1 million in contributions, which was up from the $4.8 million in football-specific contributions the prior fiscal year.
Another increase for Clemson was in ticket sales. It made $34.5 million this fiscal year, an increase from last year's $27.8 million. The ticket sales boom came from a price increase in single-game home tickets for its premiere 2023 matchups, including Notre Dame and Florida State, and a change to the state's license tax code, according to a Clemson spokesperson.
Clemson's earnings, spendings up significantly compared to previous years
Clemson has adapted to the college sports landscape becoming more expensive. In 2018, Clemson made $133.8 million and spent $131.9 million. Its earnings are up 44% and its expenses 37.8% in fiscal year 2024.
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Clemson saw massive jumps from fiscal years 2022 to 2023. It made $158.2 million and spent $143.3 million in 2022. Those numbers increased to $195.5 million (revenue) and $174.2 million (expenses).
These leaps have allowed Clemson to rank among the top of the ACC and top 20 nationally in operating revenue. Clemson should rank among the top of the ACC and top 20 nationally when all schools' updated NCAA financial data is available.
"Clemson has maintained a strong position relative to our peers thanks to the significant support from our IPTAY members, fans, and sponsors, which allows us to pursue competitive excellence and drive the No. 1 Student Experience," Clemson said in a statement.
Clemson's contributions down by over $14 million
Clemson brought in nearly $70 million in contributions during fiscal year 2024.
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Still, it is a decrease compared to the $84.2 million from the previous year. Some of that can be attributed to the "historic" donation Clemson received from a booster couple in December 2022.
Football and all other sports' contributions increased fiscal year-to-year, but non-program specific contributions decreased from $70.6 million to $48.1 million.
Derrian Carter covers Clemson athletics for The Greenville News and the USA TODAY Network. Email him at dcarter@gannett.com and follow him on X, formerly known as Twitter, @DerrianCarter00
This article originally appeared on Greenville News: Clemson football had $19M profit in 2024 but athletics lost money
