Gene Smith and Kylie Murr; Ohio State women’s volleyball NCAA tournament vs Tennessee State. Ohio State won 3-0. Credit: Katie Good | Lantern File
One of the largest athletic departments in the nation is only getting larger.
The Ohio State athletics department brought in a record-breaking $279.5 million in total revenue in fiscal year 2023, an 11% increase from the previous year, it announced Tuesday.
Ohio State’s athletic director Gene Smith, who’s held the position since 2005, said he credits those who’ve poured into the athletic program and continue to do so.
“Ohio State athletics remain on a rock-solid foundation thanks to the tremendous support from our fans, students and alumni,” Smith said. “They continue to show up, tune in and support our student-athletes, coaches and staff at our fields, stadiums and arenas.”
The “rock-solid foundation” proved to be stronger than any other program, as the athletic department was deemed No. 1 in athletic revenue, leading the way ahead of top powerhouses like Georgia, Alabama and Texas, who finished second at $271 million.
The total revenue reported accounts for the dates between July 1, 2022, to June 30, 2023, according to an annual financial report filed each year with the NCAA.
The majority of the revenue — $73.3 million — stems from ticket sales, which has been the largest income generator for the department. From ticket sales, $64.3 million was accumulated from the football team alone.
Former Buckeye quarterback and now Houston Texan C.J. Stroud played in eight home games during the 2022 season as Ohio State hosted two top teams in Notre Dame and neighboring rival, Michigan.
The marquee matchups aided in a nearly $13 million jump in revenue generated in ticket sales across all sports. Media rights were another huge contributor to the athletic department’s unparalleled feat.
Revenue generated from radio, television and digital platforms accounted for $49 million in the fiscal year 2023, a $887,127 increase. Contributions from individuals, foundations and companies totaled $57.8 million.
The Ohio State athletic department will look to continue its growth, and it doesn’t need to look too far as its sports are only getting more competitive.
As of right now, three teams hold the No.1 in their respective sport, including men’s volleyball, men’s tennis and women’s ice hockey.
With Smith’s retirement effective June 30, newly appointed athletic director Ross Bjork will have a chance to operate one of the most renowned departments in the world.
