SEC reported nearly $853 million in revenue in 2023 fiscal year

The Southeastern Conference returned to its typical upward trajectory when it comes to income during the 2023 fiscal year after stumbling in 2022, the conference’s new federal tax records show.

The SEC brought in total revenue of nearly $853 million for a year ending Aug. 31, 2023 — about $50 million more than its total for 2022 — the document shows. That 6% increase resulted in an average of about $51.3 million being distributed to each of its 14 member schools.

The document was provided by the conference on Thursday in response to a request from USA TODAY Sports.

The conference reported just over $802 million in revenue for its 2022 fiscal year with average distributions of about $49.9 million per school. Not adjusting for inflation, the total was a little more than $833 million in 2021.

With the Oklahoma Sooners and Texas Longhorns joining the SEC in its 2024-25 fiscal year, the new total suggests that the SEC is now on a path toward $1 billion to $1.1 billion in revenue that season. ESPN/ABC will take over the Saturday afternoon football TV package that CBS has held and the College Football Playoff will expand to 12 teams from four, while the number of power conferences will shrink to four from five.

The SEC said in a statement answering questions from USA TODAY Sports that the official start date of its new football TV deal is Sept. 1, 2024, so none of the associated revenue will hit the conference’s books during its current fiscal year.

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Source link : https://sports.yahoo.com/sec-reported-nearly-853-million-213414102.html

Author : Gators Wire

Publish date : 2024-02-08 21:34:14

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