Oklahoma State athletics ended 2021 fiscal year with $14 million deficit, projects brighter 2022 outlook
Scott WrightOklahoman
STILLWATER — Though Oklahoma State athletic officials made significant budget cuts to brace for the financial battle caused by the COVID-19 pandemic, the athletic department concluded the 2021 fiscal year with a $14.1 million deficit.
All major university athletic departments were hit hard by the pandemic, and that was reflected at OSU by the significant loss in revenue from the previous year, according to documents obtained by USA Today and The Oklahoman.
For the fiscal year of 2021, which ended last June, OSU reported revenue of approximately $64.5 million, down from $93.6 million in the 2020 fiscal year.
The 2020 fiscal year was mildly impacted by the pandemic, particularly with the loss of the Big 12 and NCAA basketball tournaments. But the 2021 fiscal year, which included the 2020 football season, was hit much harder.
Only 25% of seats at Boone Pickens Stadium were filled for football games because of pandemic limitations in place during 2020, which triggered a revenue dip in a variety of areas.
OSU reported athletic operating expenses of roughly $78.7 million for the 2021 fiscal year. That follows $92.5 million in athletic operating for 2020 and $95 million for 2019.
“We cut approximately $18 million from a typical annual budget to get to that number,” OSU senior associate athletic director Kevin Klintworth told The Oklahoman. “The list of revenue streams that were interrupted is endless. Shorter seasons, limited capacity at every venue, losses in sponsorships, ticket sales, concessions, conference revenue, reduced television revenue, parking.
“No revenue stream hit its level from previous years.”
In ticket sales alone, OSU saw a drop from $13.5 million in revenue in 2020 to $4.1 million in 2021. Contributions to the athletic department were down nearly $6 million in 2021.
Klintworth said OSU used “available funds on hand to navigate the shortfall.”
Though the financial numbers from OSU’s 2021 football season are not yet available, the university’s outlook for a return to a full and balanced budget in 2022 is promising.
“Our projections are that we will end this fiscal year with a balanced budget operating with our typical level of annual expenses,” Klintworth said.
