Ohio State University's NCAA Membership Financial Report for the 2023-2024 fiscal year shows the athletic department had a $38 million deficit, however the university expected the deficit.
OSU only had six home football games in the 2023-2024 season, which led to less tickets being sold.
Another factor that contributed to the deficit was increased spending for the football program that was approved by former Ohio State athletic director Gene Smith.
Smith stated before his retirement that he went “berserk” with the budget in an effort to improve the football program.
The acquisition of offensive coordinator Chip Kelly as well as increased salaries and bonuses for coaches were part of the increased spending.
The tactic appears to have worked for the Buckeyes, who won the College Football Playoff national championship over Notre Dame earlier this month.
Another expense for the athletic department was the firing of men’s basketball coach Chris Holtmann in February of 2024. Holtmann’s contract buyout ended up costing the department more than $8 million.
Current athletic director Ross Bjork told the Columbus Dispatch he expects to balance the budget over a three-year period.
Ohio State's athletic department is self-funded and does not receive any tuition or tax money. The department plans to cover the deficit by using past earnings and reserve funds, as well as anticipated future earnings.