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Pac-12 Conference

The Conference of Champions
537 NCAA Titles & Counting

Pac-12 announces 2019-2020 financial results

May 20, 2021

Consolidated revenue reported at $534M with total distributions at $403M, increases of 1% and 4% year-on-year

Seven-year period since start of ESPN and Fox partnerships and launch of Pac-12 Networks marked by 77% growth in member distributions and 60% growth in revenues

Consolidated Conference & Networks Expenses decrease 2% year-on-year

SAN FRANCISCO – May 20, 2021 – The Pac-12 Conference today reported the financial performance for the financial year 2019-2020, highlighted by total revenues of $534M and distributions at $403M, representing an average of $33.6M per member university.  The year-on-year increase in reported revenues and distributions, at 1% and 4% respectively, is primarily a result of increases in media rights and post-season Bowl revenues offset somewhat by lower NCAA revenue. The equity value of the Pac-12’s full ownership of its Pac-12 Networks is not included in reported results.

For the seven-year period since 2012-2013 when the Pac-12 began its media rights agreements with ESPN and Fox and launched the first and only member-owned conference network, annual member distributions have increased by 77% ($228M to $403M) and annual total revenues have increased by 60% ($334M to $534M).  The compounded annual growth rate for member distributions and total revenues over the seven-year period was 8% and 7%, respectively.  The ESPN and Fox partnerships that began in 2012 resulted in more than four times the annual revenue of the prior Pac-12 media rights agreements.

In addition to reporting consolidated results and in order to provide enhanced clarity and transparency, the Pac-12 is providing a breakout of each of Conference and Networks performance (see chart set forth below).  For 2019-2020, the Pac-12 Conference reported revenues of $416M and net operating expenses of $47M.  For 2019-2020, the Pac-12 Networks reported revenues of $118M and net operating expenses of $82M.  Consolidated expenses for the Conference and Networks together decreased by 2% year-on-year.

“The Pac-12 mission is to support our over 7,000 student-athletes both on the field and in the classroom,” said Pac-12 Commissioner Larry Scott.  “Our continued financial growth in revenues and member distributions, along with expense management efforts, have and will continue to allow us to support this essential academic and athletic mission.”

Michael Schill, Pac-12 CEO Group Chair and President of the University of Oregon added: “It was a challenging year. Like everything, the Pac-12 Conference was impacted by the pandemic. I appreciate all the work of Commissioner Larry Scott and the Pac-12 to reduce costs and maximize distributions despite the challenges.”

Pac-12 Networks is the only conference network wholly-owned and controlled by its university members, providing an unprecedented platform to showcase the full breadth of Pac-12 sports to fans nationally across linear, digital and social media platforms.  The ownership model, under which the universities retain full equity in the enterprise, also provides a platform for innovation and the flexibility to adapt to and achieve full value from a rapidly evolving media landscape.  Revenue and expenses, but not equity value, from the Pac-12 Networks are included in the Conference’s reported financial results.

Pac-12 Conference 990 Reporting by Entity (Audited Financial Statements)

   Networks   Conference   Consol 
Revenue      
All other contributions, gifts grants, etc       3,154,942            388,367       3,543,309
Non-cash Contributions                    -                        -                      -  
Television Rights Fees     96,328,632     265,538,748   361,867,380
Post Season Bowls                    -       119,363,375   119,363,375
NCAA Funds/Conf Event                    -         22,946,835     22,946,835
Advertising     14,265,563                      -       14,265,563
Other Revenue       4,488,391         6,999,347     11,487,738
Investment Income                    -              313,688          313,688
       
Total Revenue   118,237,528     415,550,360   533,787,888
       
Expenses      
Compensation of current officers, directors, trustees and key employees (including nontaxable benefits)       1,250,188         5,780,906       7,031,094
Compensation not included above to disqualified persons                    -                        -                      -  
Other salaries and wages     21,680,802         4,452,423     26,133,225
Pension plan accruals and contributions (employer portion)          652,603         1,163,729       1,816,332
Other employee benefits       2,586,640         1,068,296       3,654,936
Payroll taxes       1,508,540            427,195       1,935,735
Legal fees          113,383         2,144,589       2,257,972
Accounting fees                    -              180,192          180,192
Other       6,592,773         1,150,777       7,743,550
Advertising and promotion          656,598            924,821       1,581,419
Office expenses          294,495            107,835          402,330
Information technology     10,016,327              92,637     10,108,964
Occupancy       6,962,263         1,560,000       8,522,263
Travel          554,982            555,386       1,110,368
Conferences, conventions and meetings            82,920            463,480          546,400
Depreciation, depletion and amortization     21,241,308            478,479     21,719,787
Insurance          821,353            340,080       1,161,433
Other Expenses      
  Conference Events                    -           9,048,842       9,048,842
  Special Projects                    -           8,755,301       8,755,301
  Research and Education                    -           4,387,487       4,387,487
  Programming & Digital       2,380,347                      -         2,380,347
  All other Expenses       4,904,832         4,029,608       8,934,440
Total Other Expenses       7,285,179       26,221,238     33,506,417
       
Total Expenses     82,300,354       47,112,063   129,412,417
       
Grants to domestic organizations     35,539,000     367,435,418   402,974,418
       
Net Operating Expenses   117,839,354     414,547,481   532,386,835
       
Net Revenues over Expenses          398,174         1,002,879       1,401,053

Notes:

  • Certain allocations of expenses are made between Conference and Networks budgets to account for shared services and facilities, as well as for certain limited personnel roles that have responsibilities across both Conference and Networks.
  • “Other” Networks expenses include talent, research, temporary and freelance labor and consulting; and “Other” Conference expenses includes temporary labor, consulting and special projects.
  • “All Other Expenses” primarily includes taxes, sales expense, equipment supplies and maintenance, and officiating.
About the Pac-12 Conference
The Conference has a tradition as the “Conference of Champions,” leading the nation in NCAA Championships in 54 of the last 60 years, with 536 NCAA team titles overall. The Conference comprises 12 leading U.S. universities - the University of Arizona, Arizona State University, the University of California, Berkeley, the University of California at Los Angeles (UCLA), the University of Colorado, the University of Oregon, Oregon State University, Stanford University, the University of Southern California, the University of Utah, the University of Washington and Washington State University. For more information on the Conference’s programs and member institutions go to Pac-12.com/conference.