Like everyone else, Texas athletics took a massive financial hit because of the pandemic.
Only now can one grasp the problems facing Texas athletic director Chris Del Conte as he patched gaping financial holes in the battleship.
The Longhorns’ total revenue was down about $48.1 million — roughly one-fourth from the previous year — during the 2020-21 athletic year, according to audited figures obtained by the Austin American-Statesman. Expenses were down, too, but the UT athletic department swung to a $14.6 million loss for the year after a long stretch of finishing in the black.
Even now, Del Conte admits there were some tense moments as UT officials examined scrambled financial models, unsure how the pandemic would play out. The school dipped into its reserves to cover the loss, Del Conte said, and still gave the university $6.8 million.
For years, Texas officials have taken immense pride in the following sentence that’s included in every story about the Longhorns’ finances. UT athletics is totally self-sustaining; no public money is used to fund any aspect of the athletic department. That is still true after COVID-19.
“A lot of people made a lot of sacrifices, and the pandemic was hard on everybody,” Del Conte said in an interview. “But you’re finally seeing the gravity of what we were dealing with. I’m really proud of our team, really proud of everyone in our athletic department for understating the crisis we were dealing with.”
The Longhorns’ total revenue was down about $48.1 million during the 2020-21 athletic year, according to audited figures obtained by the Austin American-Statesman.
Nowadays, UT athletics generates more than $200 million in total revenue through ticket sales, donations, merchandising and television contracts. That revenue is used to fund the entire athletic operation.
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