University of Iowa athletics profits bounce back after COVID drought
IOWA CITY — The University of Iowa athletics department experienced a major surge in profits during the 2023 Fiscal Year.
According to financial reports, Hawkeye athletics netted $7,115,331 during FY2023, marking a substantial increase from the $338,231 during FY2022. That makes back-to-back years that Iowa has finished in the black, signaling a return to normalcy after weathering financial headwinds as a result of the COVID-19 pandemic.
Iowa lost $3,525,342 in FY2020, followed by an even steeper decline to $41,965,518 in the red during FY2021.
Iowa recouped its footing in FY2022 and now is rising even above pre-pandemic levels of financial gains. Iowa netted $6,975,207 in FY2018 and $5,693,751 in FY2019.
Iowa's profit of more than $7,115,331 in FY2023 exceeds each of those years.
It's also worth noting that numbers used in this story are being compared without an adjustment for inflation, which could change how they are perceived.
There was an uptick in ticket sales from FY2022 to FY2023, from $26,416,829 to $29,671,222.
Football, men's and women's basketball and men's wrestling were among the sports to report ticket-sales increases from FY2022 to FY2023.
Football went from $21,379,264 to $23,333,905
Men's basketball went $3,135,459 to $3,471,938
Women's basketball went from $767,069 to $1,439,061
Men's wrestling $992,837 to $1,227,474
One of the major factors in the improvement of revenue between FY2022 and FY2023 was contributions.
Contributions are classified as the following:
Amounts received from individuals, corporations, associations, foundations, clubs or other organizations designated for the operations of the athletics program.
Funds contributed by outside contributors for the payment of debt service, lease payments or rental fee expenses for athletic facilities in the reporting year. went from from
Amounts received above face value for tickets.
Contributions rocketed from $29,511,826 in FY2022 to $42,879,052 in FY2023.
Iowa football brought in a profit of $41,955,461 during FY2023, which marked the highest figure since FY2019.
There are some clear implications resulting from the stardom of Caitlin Clark and the rise of Iowa women's basketball. During FY2019, Iowa women's basketball brought in:
$630,526 worth of ticket sales $153,029 from program, novelty, parking and concession sales
$145,065 from royalties, licensing, advertisement and sponsorships
$10,935 from other operating revenue
During FY2023, those figures had risen to:
$1,439,061 worth of ticket sales $430,418 from program, novelty, parking and concession sales
$434,505 from royalties, licensing, advertisement and sponsorships
$175,210 from other operation revenue
However, that doesn't necessarily translate to a profit from women's basketball. The program lost $4,406,873 during FY2023 in comparison to a $3,991,544 loss in FY2019.
That's due to the fact that Iowa is now spending more on women's basketball. Its total operating expenses for women's basketball reached $8,211,453 in FY2023 in comparison to $5,637,525 in FY2019.
Clark and Iowa women's basketball's impact, though, extends far beyond what can be quantified financially in the short term.
If Iowa's overall financial gains in FY2023 are an indication of the track it's on, that is a promising sign for the athletics department, which has also been in a time of transition. Iowa is building a new wrestling training center. Beth Goetz was recently named permanent athletics director. The school is considering renovations at Carver-Hawkeye Arena.
Iowa's hefty earnings in FY2023 provides a much-needed breath of optimism after profits disappeared as a result of the COVID-19 pandemic. If sustained, Iowa could be set up well in the immediate future and beyond.