Breaking news Steve Sarkisian’s Texas Receives $332M News Despite Nearly Doubling Head Coach’s Salary The University of Texas has reported a record-breaking $332 million in athletic revenue for the 2024 fiscal year, becoming the first Division I public school to surpass $300 million in both revenue and expenses. This milestone comes as head football coach Steve Sarkisian secures a lucrative contract extension, nearly doubling his salary. Sarkisian, who led the Longhorns to back-to-back College Football Playoff appearances, signed a seven-year deal worth $10.6 million annually. The university’s soaring financial success reflects its football program’s resurgence, strategic investments, and increasing national prominence as Texas prepares for its transition to the Southeastern Conference (SEC)…
The University of Texas has achieved a historic milestone by reporting a record-breaking $331.9 million in athletic revenue for the 2024 fiscal year, becoming the first Division I public school to surpass the $300 million mark in both revenue and expenses. This financial success coincides with head football coach Steve Sarkisian securing a lucrative contract extension, reflecting the university’s commitment to maintaining its competitive edge as it transitions to the Southeastern Conference (SEC).
Record-Breaking Financial Performance
In the 2024 fiscal year, Texas athletics reported $331.9 million in operating revenue and $325 million in operating expenses, resulting in a surplus of approximately $6.9 million. This achievement marks the first time since the NCAA began its current reporting system in 2005 that a Division I school has reported over $300 million in both revenues and expenses in the same year.
Several factors have contributed to this financial milestone:
•Football Program Resurgence: Under Coach Sarkisian’s leadership, the Longhorns have made consecutive appearances in the College Football Playoff (CFP) semifinals, reigniting fan enthusiasm and boosting ticket sales.
•Strategic Investments: The university has invested in state-of-the-art facilities and resources, enhancing the overall athletic experience for both players and fans.
•Media and Sponsorship Deals: Lucrative broadcasting agreements and sponsorships have significantly increased the university’s revenue streams.
Steve Sarkisian’s Contract Extension
In recognition of his contributions, Steve Sarkisian has agreed to a contract extension that will keep him at Texas through the 2031 season. The extension includes a salary increase, with Sarkisian set to earn $10.8 million in 2025, escalating to $12.3 million by 2031.
This extension not only rewards Sarkisian’s success but also serves to deter interest from NFL teams, as he reportedly declined interviews with two NFL franchises before finalizing the new deal.
Impact of the Football Program’s Success
The resurgence of the Longhorns’ football program has had a ripple effect across the university’s athletic department:
•Increased Merchandise Sales: Success on the field has led to a surge in merchandise sales, contributing to the overall revenue.
•Enhanced Recruiting: High-profile performances have made Texas a more attractive destination for top recruits, ensuring sustained success.
•Donor Engagement: Alumni and donor contributions have increased, funding scholarships and facility upgrades.
Transition to the SEC
As Texas prepares to join the SEC, the university anticipates further growth in both competition and revenue. The move is expected to:
•Expand Media Reach: Joining a premier conference like the SEC will likely lead to more national broadcasts and media attention.
•Enhance Recruiting: Competing in the SEC offers exposure to a broader talent pool, attracting elite athletes.
•Increase Revenue Opportunities: The SEC’s lucrative media deals and bowl tie-ins promise additional financial benefits.
Conclusion
The University of Texas’s record-breaking athletic revenue and Coach Steve Sarkisian’s contract extension underscore a period of significant growth and optimism for Longhorns athletics. With strategic planning and continued investment, Texas is poised to maintain its upward trajectory, both on and off the field, as it transitions into the competitive landscape of the SEC.
