Just means more money: SEC distributes eye-popping figures to member schools
The SEC on Thursday announced that it has distributed $777.8 million among its member schools last fiscal year with the average payment being $54.6 million, according to the league’s announcement.
The SEC increased its annual revenue by $105 million during a year ending Aug. 31, 2021, the conference’s new federal tax records show, according to a USA Today reported. The document — provided by the conference on Thursday in response to a request from USA TODAY Sports — shows the SEC with total revenue of just over $833 million.
The resulting distributions to its 14 member schools averaged about $54.6 million per school, an increase of just over $9 million per school compared to the distributions the conference reported for its 2020 fiscal year.
In addition, the SEC provided each of its schools with a $23.3 million advance on future conference distributions in fiscal 2021 as school athletics departments struggled through game cancellations and attendance restrictions that affected numerous income streams. The advance money came from a loan to the SEC that, according to the new document, was for $350 million from Truist Financial.
The SEC’s financial standing is quite different than the Big Ten, for example.
The SEC is the first of the Power Five conferences to release its tax records for fiscal 2021. But, according to documents obtained in January by NorthJersey.com and the USA Today Network New Jersey, the Big Ten Conference distributed $157 million less to its members in fiscal 2021 than it did the previous year. The Big Ten deducted $55.8 million from its distribution for COVID testing, according to the documents. Also, Big Ten television revenue likely was impacted by football game cancelations.
H/T Michael Casagrande.