The University of Maryland’s athletic department is making changes to its financial model in response to a recent settlement. The school will be sharing a maximum-allowable amount of $20.5 million with its athletes, with the majority of the funds going to revenue-producing sports like football, men’s basketball, and women’s basketball. This move comes as a result of the House v. NCAA settlement, which will lead to new expenses for the department amounting to over $25 million annually.
To offset these costs, Maryland plans to increase ticket prices by $2.50 and cut operating expenses starting this fall. Despite these adjustments, the university’s spending on football still lags behind other Big Ten schools, with a budget of $30.8 million in 2022 compared to higher amounts allocated by schools like Ohio State, Penn State, and Michigan.
Maryland’s Director of Athletics, Damon Evans, acknowledges the need to find new ways to remain competitive in the ever-changing landscape of college sports. The athletic department’s budget will be impacted by the settlement for the next 10 years, with an annual payment of $1.5 million.
As the university aims to keep up with its Big Ten rivals, Evans and the Maryland athletics team are exploring strategies to improve financial sustainability and maintain competitiveness in collegiate athletics.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.