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.