A year after showing a $12.9-million deficit in its athletic budget as it transitioned from the Big East to the Big 12, WVU now is claiming an unexpected $4.7-million profit for the fiscal year ending June 30.
The profit comes unexpectedly.
In fact, last year, after announcing the unprecedented nearly $13-million loss, due mostly to at $20-million payout to the Big East in order to change leagues, athletic director Oliver Luck made this statement:
“We knew going into the Big 12 that the first couple or three years would be a financial hardship. And so far it has been,’’ Luck said. “But you have to look at it mid-term to long-term. Last year was difficult. This year and the upcoming year are still going to be tough.
“But when you crunch the numbers you have to recognize that those tough years will disappear.’’
It just wasn’t supposed to happen this year. In fact, Luck talked during the year of breaking even or turning maybe a $50,000 profit as the best result possible.
Instead, income ($77,706,696) exceeded expenses ($73,501.593) by $4,205,104.
“Now that our budget numbers are in, I want to say how very pleased and proud I am of our entire athletic department,” Luck said in a release from the school. “And, I cannot say enough about the job turned in by our Mountaineer Athletic Club staff to reach record-breaking fundraising numbers for the second straight year. I also want to thank the MAC members, who rallied around us, and the many fans who purchased tickets to various athletic events. We all know how important it is to have a self-supporting athletic department, and that goal has been reached once again.”
Read the complete story in tomorrow’s Times West Virginian, available at newsstands or through home delivery by calling 304-367-2525 or 304-367-2527.