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Virginia Tech’s 2019 financial report shows athletic department surplus of $2.8 million

Virginia Tech’s 2019 financial report shows athletic department surplus of $2.8 million

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MG VT RI 101219

Virginia Tech spirit squad members cheer at the start of the Virginia Tech - Rhode Island game October 12 2019. Virginia Tech won the game 34-17.

BLACKSBURG — Virginia Tech’s athletic department reported revenue of more than $96.7 million during the 2019 fiscal year, according to the NCAA Membership Financial Report.

That’s down from the record $98.4 million it generated in 2018, but the department reported a surplus of funds — $2.8 million — for a second straight year.

The NCAA requires Division 1 member schools to submit financial data detailing operating revenues and expenses for their athletic department on an annual basis. The Roanoke Times obtained the report through a Freedom of Information request.

Tech’s football team reported revenues of $51.7 million with $17.3 million coming from ticket sales, $5 million from contributions and $20.6 million from media rights deals.

It was the third straight year the football generated more than $50 million in revenue, but down from the record $57.6 million in revenue the Hokies reported in 2018.

Ticket sales were up $959,271 and media rights deals brought $1.4 million more revenue in 2019, but those gains couldn’t offset a decrease in contributions ($3.6 million) and game guarantees ($2.8 million).

Virginia Tech’s 22 athletic programs had overall operating expenses of $93.9 million in 2019, a slight increase from the $93.5 million spent in 2018.

The football team’s operating expenses increased slightly from $32.5 million to $33.6 million with much of that coming from an increased budget for the team's support staff to $2.8 million (from $1.6 million).

Tech basketball reported $11.7 in revenue (down from $14.2 million in 2018) with a decrease of $1.9 million in expenses. The team's direct overhead and administrative expenses decreased by $1.8 million.

Mike Niziolek is the Virginia Tech football beat writer for The Roanoke Times. Follow him on Facebook and Twitter.

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