For most colleges across the country, the only profitable teams in the athletic department are football and men’s basketball.
But to make money, the schools must also spend money.
With March Madness raging, and all eyes are on the basketball teams, here’s a rundown of the schools that spend the most money each year on their programs:
- Louisville – $15.7 million (a 4-seed in this year’s tournament)
- Duke – $15.2 million (a 3-seed in this year’s tournament)
- Syracuse – $13.8 million (a 3-seed in this year’s tournament)
- Kentucky – $13.7 million (an 8-seed in this year’s tournament)
- UCLA – $12.7 million (a 4-seed in this year’s tournament)
It’s important to remember that out of the hundreds of millions of dollars that schools throw at their basketball programs – and the roughly billion dollars earned from the tournament – the players receive zero dollars.
Not a bad deal … for the colleges. (BusinessInsider)