University Park, PA (WJAC) — A newly released financial report from the Penn State Athletic Department shows "record numbers" for both revenue and spending for Nittany Lion athletics.
The new report is for the previous fiscal year- July 2022 through June of 2023.
Penn State reports total revenue for athletics just over $202 million.
Football generated over half that amount, at almost $110 million in revenue.
But Penn State is also reporting that athletic department expenditures are almost the same as revenue, at just over $202 million.
In fact, the surplus reported for the department is less than $130 thousand for the fiscal year.
Ticket sales and media contracts provide a big chunk of revenue.
Last month, at a Beaver Stadium press conference, Penn State Athletic Director Pat Kraft discussed holding more events at the stadium.
“We have to continue to use this building to generate revenue. I told you; I love this building. I think it’s time we opened the doors. We did yoga, we did Lion King, and we’re going to continue to do different ideas like that. Luke Combs is the biggest example of what we’re trying to do.”
A Luke Combs concert at Beaver Stadium is set for April.
The university also reported nearly $41 million in contributions to the athletics department.
At Penn State, athletics’ revenue supports 31 varsity sports.
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