Virginia Tech’s 2021 Financial Report Shows $4.7M Athletic Department Surplus | Virginia Tech


BLACKSBURG — The Virginia Tech Athletic Department’s 2021 financial report is a one-time read.

The full impact of the COVID-19 pandemic is felt at the very top of the report, with the first revenue item showing a combined total of $49,060 in ticket sales for all 22 teams.

The Hokies made over $16 million in ticket revenue in 2020 and surpassed $20 million two years ago. The COVID-19 pandemic limited football attendance to less than 1,000 fans per game for much of the 2020 season – the football team actually brought in no ticket revenue since attendance was limited to families players and coaches – and less than that for the team’s indoor sports.

Tech’s revenue fell just under $14 million in total ($85.5 million) from 2020’s record high of $99.1 million and fell below $90 million for the first time since 2017, but the department still managed to finish with a $4.7 million surplus.

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This was the fourth consecutive year that the department maintained a surplus.

The detailed revenue list from the Virginia Tech Athletic Department’s 2021 Financial Report.

Virginia Tech 2021 Financial Report

The unaudited numbers were compiled for the annual financial report that all Division I member schools must submit to the NCAA. The report was provided to the Roanoke Times in response to a FOIA request.

Technical athletic director Whit Babcock credited employee salary and operating budget cuts combined with reduced scouting and gaming operations spending for helping the athletic department avoid a revenue shortfall.

Babcock announced a series of cost-cutting measures in December 2020 that included pay cuts and layoffs in hopes of cutting $15 million from the budget.

“No college athletic department has been spared the harsh financial reality of revenue shortfalls directly attributable to COVID-19,” Babcock said at the time.

Virginia Tech Athletics overall 2021 spending on team travel was $2.6 million, recruiting budget was $232,684, playing spending was $1.5 million, and general and direct administrative costs were $5.8 million.

The ministry’s overall spending was $85.5 million and it was the first time it was below $90 million since 2016.

Virginia Tech 2021 Financial Report

The detailed revenue list from the Virginia Tech Athletic Department’s 2021 Financial Report.

Virginia Tech 2021 Financial Report

These numbers were higher in 2020 in every million dollar category.

Tech spent $3.9 million on travel, $1.8 million on recruiting, $4.7 million on gaming expenses, and direct general and administrative expenses totaled $7.3 million. The department’s overall spending reached a record $97.4 million.

The university also received state and federal assistance totaling $13 million to help offset losses caused by COVID-19.

“To alleviate the financial challenges posed by the pandemic, the state, board of visitors, and federal agencies have taken several steps, including federal and state support, debt restructuring, and a health care vacation program.” , Babcock told the Roanoke Times on Thursday. “Athletics’ revenue of more than $13 million is the result of the University’s overall financial strategy based on these actions.”

Babcock admitted he was surprised the athletic department was able to navigate the COVID-19 pandemic without reporting a financial loss this year. As recently as April, Babcock said he expected a significant shortfall.

Virginia Tech’s athletic department is in the midst of a massive $400 fundraising campaign in an effort to boost its budget toward the top tier of the ACC. According to Babcock, the ACC’s high-end sports budgets total more than $125 million.


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