An ESPN report published Friday labels the Louisville Cardinals that made $35 Million in profit last year as “unquestionably the nation’s wealthiest men’s basketball program†in the country based upon that figure.
U of L generated its cash during the 2012-2013 season much in part because of the nation’s third-highest attendance, coupled with 71 luxury suites at the KFC Yum! Center and $20 million in donations.
The Yum! Center’s capacity is third in the nation among college basketball programs at 22,090, and last season U of L filled it to near capacity for every game. Ticket sales generated $25.8 million of the total revenue, according to ESPN, which received information from the U.S. Department of Education.
Since moving into the new downtown arena, the Cardinals “have delighted their accountants just as much as their rabid fans,†wrote ESPN’s Igor Guryashkin.
On their way to the program’s third national title, the Cardinals profited on average $1.35 million per home game, well ahead of 2nd place North Carolina’s $936,000. Kentucky, which generated $21.6 million with $15.1 million in expenses, is sixth on that list at $360,000 in profits per home game.
The $35 million profit last year represented an increase from $27 million during the 2011-2012 season, according to ESPN.
The rich are also about to get richer, with the Atlantic Coast Conference’s TV deal paying $17 million to teams per year, as compared to the $3 million U of L received from the Big East Conference, according to ESPN.
Said ESPN’s Guryashkin: “Louisville has the financial clout to make even some NBA executives envious.â€
