Despite revenue record, Arizona State athletics is reporting a $13.1-million deficit for the 2017-18 fiscal year largely due to buying out football coach Todd Graham.
The entire $12.8 million buyout due Graham is reflected in the FY2018 report even though Graham is being paid in installments through June 2021.
The deficit is ASU athletics' first since FY2012. ASU reported a $2.7-million surplus for FY2017, down from $5.6 million for the previous year.
Frank Ferrara, ASU senior associate athletic director/chief financial officer, expects the 2018-19 fiscal year, which ends in June, to be close to break even when the Graham buyout technically is off the books.