According to Ohio State’s latest financial report submitted to the NCAA, the university’s total operating expenses for the fiscal year 2024 reached $292.3 million. Excluding inflation, this amount marks the second-highest annual expenditure for a Division I public university since the NCAA began tracking these figures in 2005.

The expense figure, released on Monday and covering the period ending June 30, 2024, comes alongside an operational shortfall of $37.7 million. Later on the same day, Texas disclosed its financial report, indicating total operating expenses of $325 million.

Ohio State’s deficit can be attributed partly to a $14.6 million decrease in ticket sales, as the Buckeyes hosted six home football games in the 2023 season compared to eight in 2022. Additionally, more than $8.5 million in severance costs were incurred after the dismissal of men’s basketball head coach Chris Holtmann in February 2024.

(This story has been updated with new information.)

The prior record for single-year operating expenses belonged to Ohio State itself, which reported $274.9 million for fiscal 2023. This year’s total reflects a rise of slightly over 6%. Both years’ figures come from the school, which fields 35 teams, making it one of the largest athletic programs among Division I public institutions.

For comparison, Texas, which reported 21 teams in 2023, had $232.3 million in operating expenses that year, marking the previous second-highest total before this year’s figures were released.

Ohio State’s recent report was acquired by the YSL News Network’s Columbus Dispatch through an open-records request. Data collection efforts are in collaboration with the Knight-Newhouse College Athletics Database at Syracuse University.

Among other reported operating expense figures for fiscal 2024, Alabama recorded $262.8 million while Texas A&M reported $243.7 million.

It’s become common for schools to report record total revenues or expenses annually. Ohio State’s 2024 expenses continue the overall trend of increasing expenditures. When adjusted for inflation, the university reported spending $254.1 million in fiscal 2018.

“Our commitment to our student-athletes remains strong in this rapidly changing landscape of intercollegiate athletics,” said athletics director Ross Bjork in a statement from the university. “We are focused on supporting them academically, in their training, and on the field as they strive for national, conference, and individual championships. While last year’s financial situation was challenging and came with unique circumstances, we have implemented a solid expense and revenue strategy and are making significant strides in the evolving realm of college athletics. We will ensure balanced budgeting moving forward.”

In fiscal 2024, Ohio State also faced significant declines in other revenue streams compared to the previous year, including royalties, licensing, and sponsorships ($8.7 million), as well as contributions ($5.3 million).

On the expenditure side, there were notable increases, including coaching salaries ($9 million) and salaries of administrative and support staff ($5.4 million).

Contributing: Joey Kaufman, The Columbus Dispatch