Here's the numbers from annual reports dating back to the year before we entered the ACC. The Covid year is shaded in gray...
I need to mention here that I believe these numbers combine men's and women's basketball revenues, and there's no way to separate them based only on the annual reports. However, operating revenues for the two sports are budgeted separately. And women's basketball budgeted revenue is about 5% of the total. So it's a minor error treating the total as men's only esp. when you're just looking at changes in revenue and the women’s sport is relatively stable.
Surprisingly, the numbers are pretty flat since joining the ACC. (In contrast, football operating revenues have doubled.)
Pitino was fired in October 2017, so most of the basketball revenue for 2018 had been realized at that point. Using that year as a reference point, average revenue for the years since 2018 has been $21 million not including 2021. That's an average deficit of $0.8 million or a five-year total deficit of $4 million. (Accounting for women's basketball, maybe $0.75 million and $3.8 million, respectively.)
While the arena has emptied out in that time span, operating revenues don't reflect it. Furthermore, the only season we can attribute to the Kenny Payne effect is actually UP $0.3 million vs 2018. Not good if you want Payne gone and believe it can be justified financially...
I need to mention here that I believe these numbers combine men's and women's basketball revenues, and there's no way to separate them based only on the annual reports. However, operating revenues for the two sports are budgeted separately. And women's basketball budgeted revenue is about 5% of the total. So it's a minor error treating the total as men's only esp. when you're just looking at changes in revenue and the women’s sport is relatively stable.
Surprisingly, the numbers are pretty flat since joining the ACC. (In contrast, football operating revenues have doubled.)
Pitino was fired in October 2017, so most of the basketball revenue for 2018 had been realized at that point. Using that year as a reference point, average revenue for the years since 2018 has been $21 million not including 2021. That's an average deficit of $0.8 million or a five-year total deficit of $4 million. (Accounting for women's basketball, maybe $0.75 million and $3.8 million, respectively.)
While the arena has emptied out in that time span, operating revenues don't reflect it. Furthermore, the only season we can attribute to the Kenny Payne effect is actually UP $0.3 million vs 2018. Not good if you want Payne gone and believe it can be justified financially...
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