LOS ANGELES — The Big Ten saw revenues jump by more than $34 million in fiscal year 2023, but its expenses rose by more than $46 million, according to the league’s 2023 fiscal year tax filing, which was obtained by The Athletic on Monday.
The $17.56 million shortfall marked the third consecutive year the league reported a deficit, dating to the 2020-21 year drastically altered by the COVID-19 pandemic. Much of the financial fallout spills over from when the league sold a larger equity share of Big Ten Network to Fox, which saw its ownership stake of the channel increase from 51 to 61 percent. The league’s $23 million dividend from BTN in fiscal 2022 became a $28 million dividend loss in its 2023 fiscal report.
Still, the Big Ten generated nearly $880 million in fiscal 2023, spent $897.4 million and holds more than $255 million in assets. Its revenue should grow and perhaps exceed $1 billion at the end of the current fiscal year, thanks in part to the conference’s latest media rights package.
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