Rutgers got $58M from BiG in 2023; a conference which lost money

[Morrischiano]

LOS ANGELES — The Big Ten saw revenues jump by more than $34 million in fiscal year 2023, but its expenses rose by more than $46 million, according to the league’s 2023 fiscal year tax filing, which was obtained by The Athletic on Monday.

The $17.56 million shortfall marked the third consecutive year the league reported a deficit, dating to the 2020-21 year drastically altered by the COVID-19 pandemic. Much of the financial fallout spills over from when the league sold a larger equity share of Big Ten Network to Fox, which saw its ownership stake of the channel increase from 51 to 61 percent. The league’s $23 million dividend from BTN in fiscal 2022 became a $28 million dividend loss in its 2023 fiscal report.

• Of its $879.8 million in revenue, the Big Ten dispersed $843.96 million to its 14 members. The league’s 12 fully vested members received between $60.48 million and $60.55 million, while Maryland and Rutgers — which borrowed money from the Big Ten while non-vested members from 2014-2020 — picked up $58.8 million and $58.7 million, respectively. The 14 members saw bumps between $1.6 million and $4 million. Those numbers should jump significantly next year.

 

[Wolv RU]

LOS ANGELES — The Big Ten saw revenues jump by more than $34 million in fiscal year 2023, but its expenses rose by more than $46 million, according to the league’s 2023 fiscal year tax filing, which was obtained by The Athletic on Monday.

The $17.56 million shortfall marked the third consecutive year the league reported a deficit, dating to the 2020-21 year drastically altered by the COVID-19 pandemic. Much of the financial fallout spills over from when the league sold a larger equity share of Big Ten Network to Fox, which saw its ownership stake of the channel increase from 51 to 61 percent. The league’s $23 million dividend from BTN in fiscal 2022 became a $28 million dividend loss in its 2023 fiscal report.

• Of its $879.8 million in revenue, the Big Ten dispersed $843.96 million to its 14 members. The league’s 12 fully vested members received between $60.48 million and $60.55 million, while Maryland and Rutgers — which borrowed money from the Big Ten while non-vested members from 2014-2020 — picked up $58.8 million and $58.7 million, respectively. The 14 members saw bumps between $1.6 million and $4 million. Those numbers should jump significantly next year.

This is for the 2022 football season just FYI

 

[pmvon]

It’s a money loser for the bottom line but everyone’s gotta keep up with the jones.

 

[Morrischiano]

This is for the 2022 football season just FYI

Fiscal 2023 and for all sports.

 

[NotInRHouse]

Gee I wonder if the Bergen Record will use this in its "calculations"

Oh right lol

 

[Eagleton96]

Seems like the article may be conflating a one year change in revues v expenses with the bottom line.

In edit: that’s not what happened. See my post below.

 

[Morrischiano]

here’s the link

Big Ten paid out just over $60 million per school in 2023: Tax filing

The league's $17.56 million shortfall marked the third consecutive year it reported a deficit.

www.nytimes.com

 

[Morrischiano]

One of the conference’s monetization strategies is the strip out content to platforms that we have to pay for, like Peacock. Super annoying.

 

[Zak57]

One of the conference’s monetization strategies is the strip out content to platforms that we have to pay for, like Peacock. Super annoying.

Well if you want Rutgers to get large payouts then how do you expect the conference to do that? They have to get the money from somewhere.

 

[NickRU714]

Well if you want Rutgers to get large payouts then how do you expect the conference to do that? They have to get the money from somewhere.

It’s funny comparing the “Big Ten signs $1b/year contract!! Big Ten is the best!! We’re getting $100m/year!! Suck it ACC!!” threads and the “Games on Peacock? I’m not paying. This is everything wrong with college sports. It’s all about money!!” threads.

It’s the same people in both threads.

 

[Eagleton96]

OK, so the key info is here:

The Big Ten generated nearly $880 million in fiscal 2023, spent $897.4 million and holds more than $255 million in assets. Its revenue should grow and perhaps exceed $1 billion at the end of the current fiscal year, thanks in part to the conference’s latest media rights package.

So, with $255 mil in the bank, and revenues expected to jump over $1B next year, they upped the payout now. That is literally NO NEWS. Or if anything, an accurate headline would be, "Big Ten increases payout as new contract kicks in."

 

[LETSGORU91]

Star Ledger title: "As Rutgers Nears Full Share, They Put B1G Into the Red"

 

[-RUFAN4LIFE-]

here’s the link

Big Ten paid out just over $60 million per school in 2023: Tax filing

The league's $17.56 million shortfall marked the third consecutive year it reported a deficit.

www.nytimes.com

Using tax filings instead of audited financial statements. 🤔

 

[Morrischiano]

Star Ledger title: "As Rutgers Nears Full Share, They Put B1G Into the Red"

NJ.com title:. “Rutgers found $58M side hustle and doctors are furious. Here’s why”

 

[patk89]

OK, so the key info is here:

The Big Ten generated nearly $880 million in fiscal 2023, spent $897.4 million and holds more than $255 million in assets. Its revenue should grow and perhaps exceed $1 billion at the end of the current fiscal year, thanks in part to the conference’s latest media rights package.

So, with $255 mil in the bank, and revenues expected to jump over $1B next year, they upped the payout now. That is literally NO NEWS. Or if anything, an accurate headline would be, "Big Ten increases payout as new contract kicks in."

Exactly. Great response Eagleton! Lots of people don't understand cash flows. Why expand the stadium if the Big East is going to go out of business? Let's cut our expenditures and expect the team to compete as an independent. The B1G screwed us. We should have negotiated a better deal and told them we would not join unless we get a full share immediately. Now, we are in the best paying conference in America with massive payouts for perpetuity. Comical at best.

 

[JRZEER]

That’s a big pay day

 

[NotInRHouse]

NJ.com title:. “Rutgers found $58M side hustle and doctors are furious. Here’s why”

The Bergen Record hates him! Win #7 will shock you!

 

[satnom]

Bump

GO RU