LSU athletics operated with a deficit last year
By Holly Duchmannhttps://www.facebook.com/sharer.php...u-athletics-operated-with-a-deficit-last-year
https://twitter.com/intent/tweet?te...cit-last-year&via=Baton+Rouge+Business+Report
https://www.linkedin.com/shareArtic...U+athletics+operated+with+a+deficit+last+year
https://www.businessreport.com/business/lsu-athletics-operated-with-a-deficit-last-year#
An audit of LSU’s athletic department found that the organization operated with a nearly $4 million deficit last year.
The report released this week by Louisiana’s Legislative Auditor’s office says the athletic department collected nearly $200.4 million for the 2023 fiscal year, while expenses totalled closer to $204.4 million—a roughly $3.9 million deficit.
Once again, the school’s football program generated the bulk of the department’s revenue. The football program collected nearly $105.7 million last year—some $18.4 million more than the previous year. The program saw a net profit of $54 million—a nearly 50% increase from 2022.
Other sectors of the department saw significant deficits.
Women’s basketball—which won its first National Women’s Championship in 2023—posted a nearly $7.8 million deficit for 2023. The program collected just under $2.5 million in revenues for the year but the team’s expenses were closer to $10.3 million. The program’s costliest line item is for coaches salaries, with the school paying $4.4 million in coaches salaries and bonuses last year―nearly double what the program collected in revenue.
The LSU athletic department also dished out nearly $5 million in severance payments, mostly for “non-program specific” staff.
The department has seen a few issues regarding expenses and payments to coaches over the last few years. In 2021, the department posted a $10 million deficit. The 2022 audit showed that the department misclassified nearly $6.7 million in severance payments as well as overpaid head football coach Brian Kelly by nearly $1 million.
