Univ. of Tennessee athletics topped $200M in revenue for the "first time in school history" in FY2022-23 after a “staggering explosion of growth,” according to Adam Sparks of the KNOXVILLE NEWS SENTINEL. UT reported $202.1M in revenue and $191M in expenses, yielding the "largest surplus since the 2014-15 fiscal year.” It also marked a new school record “by a wide margin” as the previous record was $154.6M in revenue for FY2021-22. Contributions "almost doubled," while concessions and parking revenue rose 83%; royalties, licensing, and sponsorships spiked 34%; and tickets sales increased 13%. All of that contributed to "record revenues for the football program.” UT football generated $134.9M -- a 36% increase -- in revenue for FY22/23, marking its “highest total ever.” For perspective, “only 29 schools reported at least" $134M in revenue for their entire athletic department in 2021-22. The women’s basketball program generated 47% "more revenue than the year before," while the men’s program increased by 14% UT’s strategic plan, released in July 2022, called for the "operating budget to eclipse" $200M in 2026-27. UT invested $8.4M of its latest surplus into “capital projects to continue its momentum" ( KNOXVILLE NEWS SENTINEL, 1/17 ).
Tennessee athletics brings in record revenue for FY 2022-23
