Big Ten paid out just over $60 million per school, reported deficit in 2023: Tax filing

The logo of the Big Ten Conference is seen on a yard marker during Iowa Hawkeyes football Kids Day at Kinnick open practice, Saturday, Aug. 14, 2021, at Kinnick Stadium in Iowa City, Iowa. 210814 Ia Fb Kids Day 109 Jpg
By Scott Dochterman
May 20, 2024

LOS ANGELES — The Big Ten saw revenues jump by more than $34 million in fiscal year 2023, but its expenses rose by more than $46 million, according to the league’s 2023 fiscal year tax filing, which was obtained by The Athletic on Monday.

The $17.56 million shortfall marked the third consecutive year the league reported a deficit, dating to the 2020-21 year drastically altered by the COVID-19 pandemic. Much of the financial fallout spills over from when the league sold a larger equity share of Big Ten Network to Fox, which saw its ownership stake of the channel increase from 51 to 61 percent. The league’s $23 million dividend from BTN in fiscal 2022 became a $28 million dividend loss in its 2023 fiscal report.

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Still, the Big Ten generated nearly $880 million in fiscal 2023, spent $897.4 million and holds more than $255 million in assets. Its revenue should grow and perhaps exceed $1 billion at the end of the current fiscal year, thanks in part to the conference’s latest media rights package.

Among the notable numbers:

  • Former commissioners Jim Delany and Kevin Warren made nearly $10 million in compensation and consulting services in fiscal 2023. Delany, who retired Jan. 1, 2020, received $5.862 million in bonuses and other compensation, while also picking up $400,008 in consultation fees. Warren, who left the league on April 14, 2023, picked up $3.71 million in salary and deferred compensation.
  • Of its $879.8 million in revenue, the Big Ten dispersed $843.96 million to its 14 members. The league’s 12 fully vested members received between $60.48 million and $60.55 million, while Maryland and Rutgers — which borrowed money from the Big Ten while non-vested members from 2014-2020 — picked up $58.8 million and $58.7 million, respectively. The 14 members saw bumps between $1.6 million and $4 million. Those numbers should jump significantly next year.
  • The Big Ten paid $3 million in legal services, up slightly from its 2022 fiscal year tax form.

(Photo: Joseph Cress / Iowa City Press-Citizen via Imagn Content Services)

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Scott Dochterman

Scott Dochterman is a staff writer for The Athletic covering the Iowa Hawkeyes. He previously covered Iowa athletics for the Cedar Rapids Gazette and Land of 10. Scott also worked as an adjunct professor teaching sports journalism at the University of Iowa.