Financial Report Shows UNC Athletics Made Slim Profit in 2022-23 Year

UNC’s annual financial report for the NCAA for the 2022-23 school year shows the athletic department operated at a profit, though that total decreased significantly from the 2021-22 year. The department reported $139,079,504 in total expenses during the year against $139,353,091 in revenues, for a profit of $273,587. That’s compared to $120,314,967 in expenses and $122,603,567 in revenues during the 2021-22 year.

Approximately $30 million of UNC’s athletic revenue came from ticket sales, with men’s basketball and football combining for approximately $29 million of that total. Baseball, women’s basketball and women’s soccer were the only other sports to make at least $100,000 in ticket sales. $33.2 million in revenue came from UNC’s various media rights deals, with $25.8 million of that attributed directly to football. All revenue received for radio, TV, internet, digital and e-commerce rights is included in this total.

Other major revenue lines for the department included $20.8 million in contributions (amounts received from individuals or organizations designated for the athletic department), $16.4 million in royalties, licensing, advertisement and sponsorships, and $7.8 million for the football program’s appearance in the Holiday Bowl. The football program also reported $2.8 million in bowl revenues, including ticket sales and expense reimbursements. Expenses from the bowl game, including coaching bonuses and team travel, totaled around $4.2 million

The $20.8 million in contributions was spread across all of Carolina’s sponsored sports. Football received by far the largest share at $7.4 million, with women’s soccer the next highest at $965,465. Twenty-two of UNC’s 24 sports to report contributions received them in excess of $300,000. After football, the men’s sport with the highest tally was baseball at $861,276.

In total, football made by far the most revenue at $67.2 million, with men’s basketball sitting at $31.7 million. Five other sports reported revenues of more than $1 million: baseball, men’s and women’s soccer, women’s basketball and women’s lacrosse. Men’s lacrosse fell just short with $999,865.

Of UNC’s $139,079,504 in total expenses, $44.5 million was attributed directly to football and $10.7 million to men’s basketball. The next most expensive sports were women’s basketball ($5.8 million), baseball ($3.7 million) and field hockey ($2.8 million). Only women’s golf and men’s and women’s fencing reported total expenses of less than $1 million.

Various factors in the expense total for football include severance payments ($3.7 million), team travel ($3.7 million) and equipment ($1.4 million). Football also accounted for half of UNC’s $3 million in recruiting expenses. Men’s and women’s basketball were the only other programs to account for more than $100,000 in this category (interestingly, women’s basketball reported nearly twice the recruiting expenses of the men’s program).

Coaching salaries made up approximately $28.6 million in expenses for the department. Football head coach Mack Brown has the highest reported salary – when including benefits and bonuses – at $4.9 million. An additional $8.1 million was distributed among Brown’s 10 assistant coaches. The only other head coaches to earn more than $1 million during the 2022-23 year were field hockey’s Karen Shelton – who retired after winning the 2022 NCAA title and was replaced by Erin Matson – and men’s basketball’s Hubert Davis. Shelton’s number includes a one-time payout for her pension upon her retirement.

After Shelton, the highest-earning women’s coaches were basketball’s Courtney Banghart ($730,072) and tennis’ Brian Kalbas ($456,863). The 2022-23 year saw Kalbas’ Tar Heels win their first NCAA team title. On the men’s side, the highest-earning coaches outside of basketball and football were baseball’s Scott Forbes ($409,393) and tennis’ Sam Paul ($318,917).

Featured image via UNC Athletic Communications/Jerome M. Ibrahim

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Financial Report Shows UNC Athletics Made Slim Profit in 2022-23 Year

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