2/5/2023 football Edit

FSU athletics reports net revenue of over $10 million on 2021-22 report

Curt Weiler • TheOsceola

Senior Writer

Exactly how much Florida State's wildly successful 2022 football season helped the athletic department's revenue won't be known until this time next year.

Even before knowing that, though, it's clear FSU's finances continue to trend in the right direction according to the 2022 fiscal year financial report shared with the Osceola.

On the report, which spans July 1, 2021 through June 30, 2022, FSU reported a net revenue of just over $10 million. That's an increase from the $8 million in net revenue FSU reported to the NCAA for the COVID-affected 2020-21 fiscal year.

In all, FSU athletics reported $161,141,884 in total operating revenue (up over $30 million from 2021) and $150,777,734 in total operating expenses (up over $20 million from 2021) for the 2021-22 fiscal year, equaling $10,364,150 in total net revenue

Understandably in a year where full crowds returned, ticket sales increased dramatically. FSU reported $18,773,797 million in ticket sales on its most recent financial report. That's way up from the $4,768,147 on the 2021 report and also more than the $17,341,676 on the 2019-20 report.

FSU's contributions, which is mostly encompassed by Seminole Boosters donations, fell only slightly from 2021 to 2022. FSU reported over $43 million in contributions on last year's report, the second-highest contribution total on FSU record, and $41,739,365 on this year's financial report.

FSU also reported another significant increase in media rights revenue. After that jumped from $22.7 million to $26.0 million last year, it took an even bigger jump to $30,344,779 on the 2022 report, likely a reflection of the fact that Comcast finally started broadcasting the ACC Network in the middle of this fiscal year.

The royalties, licensing, advertisement and sponsorships revenue section also took a sizable jump up from $17.8 million in 2021 to $24,428,412 in 2022.

While the main story of last year's financial report was how FSU so heavily reduced expenses during the COVID-affected 2020-21 fiscal year, those expenses numbers understandably shot right back up on this year's report.

Coaching salaries, reduced by the pandemic paycuts taken by all FSU coaches to $20.1 million last year, shot all the way back up to $25,612,597, just above the 2020 coaching salaries total.

With in-person recruiting back in full effect, these expenses also took a sizable step up from $286,103 in 2021 to $1,619,148. Team travel also increased notably from $5,343,949 in 2021 to $9,021,018 in 2022.

It wasn't the largest expenses increase in terms of numbers, but FSU's money spent on fund raising, marketing and promotion nearly doubled from $1.9 million in 2021 to $3,610,347 in 2022.