DENVER (KDVR) — Colorado’s college athletic programs have wracked up more expenses than they’re able to pay for on their own, according to a state report.
The Colorado Office of the State Auditor released a report to the Colorado General Assembly in August detailing how much support athletics programs need from their respective universities and colleges. Since 2013, athletic expenses grew faster than their revenue from ticket sales, contributions and media licensing. In total, 11 schools with athletics programs did not pay their own way in 2013, 2016, 2019 and 2022.
All told, Colorado’s college athletics programs needed $54 million from their institutions to cover their financial shortfalls.
Last year, only two of dozens of Colorado programs managed to pay their own expenses: University of Colorado Boulder Buffaloes football and men’s basketball.
In the case of football, CU’s program made handsomely more than its expenses. Buffs football made a $22.9 million surplus in 2022. Men’s basketball was less profitable, earning $1.1 million more than its expenses.
Even football’s financial success, though, did not make up for the financial shortfalls of CU Boulder’s other programs. The university’s other programs include men’s golf, men’s basketball, men’s track and field, men’s skiing, women’s golf, women’s basketball, women’s skiing, women’s lacrosse, women’s tennis, women’s soccer, women’s volleyball and women’s track and field which had expenses run $34 million over their own revenues.