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Daily Brews: Michigan Athletics project deficit in 2021, surplus in ‘22

Turning a corner and soon to be turning a profit.

NCAA FOOTBALL: NOV 05 Maryland at Michigan Photo by Scott W. Grau/Icon Sportswire via Getty Images

Per a University of Michigan press release, the athletic department expects a budget deficit of $62.9 million for the current fiscal year due to the ongoing COVID-19 pandemic and projects a surplus of $1.4 million for the fiscal year beginning on July 1.

“For the FY ‘21 operating budget, the athletic department projects an operating deficit of $62.9 million based on operating revenues of $88.8 million and operating expenses of $151.7 million. The operating deficit is a result of significantly reduced spectator admission revenues and preferred seat contributions, as well as reduced Big Ten Conference distributions directly linked to the COVID-19 pandemic,” the statement read. “Looking ahead to FY ‘22, the department projects an operating surplus of $1.4 million, based on operating revenues of $180.4 million and projected expenses of $179.0 million.”

With the COVID-19 pandemic nearly behind the world, it’s only natural to see the Michigan athletic department doing what they normally always do — make money.

Shibley and Hill named Big Ten Medal of Honor recipients

Michigan linebacker Adam Shibley and cross-country and track runner Alice Hill were named as Michigan’s recipients of the 2021 Big Ten Medal of Honor. This honor is awarded to one male and one female student from the graduating class of each member institution “who has demonstrated excellence on and off the field throughout their college career”.

To read the whole press release, click here.

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