Razorback athletics revenue up nearly 10% in FY2023 to $167.3M

The University of Arkansas athletics department set a record in operating revenue in the 2023 fiscal year by generating $167.3 million.

The UA reported $166.5 million in athletic department expenses — also an all-time high — for an operating surplus of less than $1 million.

The figures are from the university’s annual financial report to the NCAA. Fort Smith-based Landmark PLC conducts the annual audit. The 2023 fiscal year began July 1, 2022, and ended June 30, 2023.

The athletics department’s revenues continue a rapid climb. The UA reported $152.51 million in revenue in FY 2022, and $132.2 in FY 2021 revenue. Expenses are also skyrocketing. In the past two fiscal years, the department’s spending totaled $144.3 million (FY 2022) and $111.5 million (FY 2021).

Most of FY2023’s revenue stems from ticket sales — $51.1 million. That’s up from $48 million the previous year. The football program earned $38.9 million in ticket revenue, up from $35.3 million in FY 2022.

Media rights ($37.7 million), contributions ($33.2 million) and royalties, licensing, advertising and sponsorships ($20.2 million) were also significant revenue drivers for the athletics department.

Football and men’s basketball are the only two sports that operated in the black in FY 2023. The football program had total operating revenue of $72.5 million, with expenses of $53.94 million ($18.56 million profit).

Men’s basketball revenue totaled $19.3 million, with $13.8 million in expenses ($5.50 million profit).

The UA baseball program is the only other program with revenue hitting seven figures at $5.61 million. With expenses of $8.28 million, the program operated at a deficit of $2.67 million.

Arkansas’ athletics department funds 470 athletes competing on 19 teams — eight for men and 11 for women. It takes no student fees or taxpayer support.