The Florida State athletic department had one of the highest revenues in the country in the 2016 fiscal year, but it also operated at a deficit.
The Tallahassee Democrat reported Thursday that the Seminoles were ranked 18th in the country in revenue, taking in $113.8 million. It ranked 17th in expenses, spending $115.6 million, according to the report.
Florida State’s revenue was down more than $7 million, mostly because it sold almost $6 million less in tickets than in 2015. Expenses increased more than $4.2 million because the athletic department spent about $3.9 million more in coaching salaries.
In the ACC, the Florida State athletic department ranked first in both operating revenue and total operating expenses. The only other ACC departments ranked in the Top 25 nationally in either category were Louisville and Clemson, but both of those departments made a profit.
Of the eight ACC schools that disclosed their athletic department finances for 2016, Florida State had the biggest loss, according to the report. The only other school in the conference that operated at a deficit was Virginia Tech. Virginia made the biggest profit but was fourth in revenue.
Boston College, Duke, Miami, Pittsburgh and Syracuse were the five ACC schools that didn’t disclose their 2016 athletic department finances.