Was able to get FSU's most recent financial statements for the athletics department and Seminole Boosters. Here's the story:
FSU sees drop in revenue
Have been working on getting these numbers for awhile. Glad to finally be able to lock them down. Now some thoughts:
For starters, we knew this year would never match up to the last one. That was kind of a dream year with Notre Dame at home the same year as UF and Clemson. Then you add on the Maryland exit fee and the neutral-site game, and ... well ... that's how you end up with a $9 million surplus.
This year was never going to come close to that, which is why we didn't present this as shocking news. I'd compare it to when I was in the newspaper business and we were coming off an election year. Newspapers print money from the ads in election years. But the next year always looks bad because they're fighting those numbers. That's the situation FSU was in this year.
Having said that, I'm sure the Boosters aren't thrilled about the investment losses. But I was told they occurred mostly in the final quarter of the fiscal year, so there wasn't much they could do about it. I was told they have since re-positioned some things to make sure that doesn't happen again.
And the biggest issue, of course, is the gap between the ACC and other conferences with strong TV networks (the SEC and Big Ten). Until the ACC network gets going and starts generating larger returns -- assuming it does -- FSU isn't going to be able to close that gap. The neutral-site games (like $5 million for the Alabama game this year) will help, but only so much.
I will be happy to any answer questions -- if I know the answers. If I don't, I'll try to get them.
FSU sees drop in revenue
Have been working on getting these numbers for awhile. Glad to finally be able to lock them down. Now some thoughts:
For starters, we knew this year would never match up to the last one. That was kind of a dream year with Notre Dame at home the same year as UF and Clemson. Then you add on the Maryland exit fee and the neutral-site game, and ... well ... that's how you end up with a $9 million surplus.
This year was never going to come close to that, which is why we didn't present this as shocking news. I'd compare it to when I was in the newspaper business and we were coming off an election year. Newspapers print money from the ads in election years. But the next year always looks bad because they're fighting those numbers. That's the situation FSU was in this year.
Having said that, I'm sure the Boosters aren't thrilled about the investment losses. But I was told they occurred mostly in the final quarter of the fiscal year, so there wasn't much they could do about it. I was told they have since re-positioned some things to make sure that doesn't happen again.
And the biggest issue, of course, is the gap between the ACC and other conferences with strong TV networks (the SEC and Big Ten). Until the ACC network gets going and starts generating larger returns -- assuming it does -- FSU isn't going to be able to close that gap. The neutral-site games (like $5 million for the Alabama game this year) will help, but only so much.
I will be happy to any answer questions -- if I know the answers. If I don't, I'll try to get them.
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