Pac-12 revenue dropped 36% largely due to pandemic cancellations
SAN FRANCISCO (AP) — The Pac-12 Conference suffered a 36% decrease in revenue for the 2020-21 fiscal year due in large part to pandemic-related cancellations in football and basketball.
The conference announced Friday that it had total revenues of $344 million and distributions to member schools of $238 million. The $19.8 million payouts per school represented a drop of 41% from the previous year.
The Pac-12 said the drop-offs stemmed from decreases in media rights and postseason bowl revenues due to game cancellations, lower event revenue with no fans and increases in costs for COVID-19 health and safety protocols.
The decreases were offset slightly by lower operating costs due to no fans, lower production costs from canceled games and lower personnel costs from salary reductions, furloughs and layoffs.
The Pac-12 Networks reported revenues of $43 million and operating expenses of $57 million. Consolidated expenses for the conference and Pac-12 Networks decreased by 23% from the previous year.