Pac-12 tax filings for FY2024 show revenue drop, cash for WSU and OSU, Kliavkoff’s salary, massive relocation costs

The Pac- s last federal tax filing from its prior existence offers myriad clues to its demise From plunging revenue and gaudy executive pay to fiscal mismanagement and immense facility costs the document is tantamount to an autopsy review Obtained by the Hotline it reflects the conference s finances for the - fiscal year when schools were making departure plans and two Washington State and Oregon State were fighting for survival There s plenty to address so let s start with the big numbers Conference and campus revenue The Pac- stated million in revenue during FY and million in expenses The revenue figure represents a percent year-over-year decrease attributable in part to the Rose Bowl contract One out of every three years the Granddaddy hosts a College Football Playoff semifinal matchup resulting in a lower payout to the Pac- The conference announced million in postseason bowl revenue down from million the previous year when the Rose Bowl was not a CFP host The conference distributed approximately million to each of the departed schools and million to both Washington State and Oregon State for a total of million As part of the negotiated settlement over control of the conference that played out in the fall of the outbound schools agreed to have million in distributions withheld in FY and to make a million supplemental contribution to the conference a total of million for each of the WSU and OSU chose to take million each out of the million pot for their FY distributions and apply the amount to operations according to the conference The math is fairly simple Remove million from the amount sent to Pullman and Corvallis and the product is the distribution figure roughly million that would have been sent to all schools without the settlement Then remove the million withheld from the departing schools and the end consequence is the million approx that each of the received This contributed to fiscal pressures for the Pac- s collection of general universities which booked a million budget shortfall in FY based on statements of revenues and expenses shared to the NCAA earlier this year For context the Big Ten distributed million to its longstanding schools in FY according to USA Currently while the SEC spun off million to its ongoing members Put another way The departed schools were playing from behind financially upon entering their new conferences last summer Additionally the Pac- finished FY with million in cash million in net assets and million in total liabilities It broadcasted million in legal expenses up from million the previous year Executive compensation Former commissioner George Kliavkoff received million in total compensation Because IRS reporting rules track individual pay on a calendar-year basis Kliavkoff s listed salary was for the calendar year when he steered the conference into the abyss but remained in charge His resignation came in early meaning the payments related to his buyout agreement with the conference will be reflected in the FY tax filings disclosed next spring Kliavkoff s predecessor Larry Scott who stepped down in did not receive any compensation in the calendar year His million relocation loan which was on the books for more than a decade was repaid last summer Combine the salaries paid to Scott and Kliavkoff over years and the commissioners took home approximately million based on a Hotline examination of Pac- tax filings from - and using USA The present day reports for - The tax filings also show the Pac- paid current or former executives at least in compensation during the calendar year including the heads of sales content engineering strategy and communications Several of them received bonuses That s a decrease from when executives current or former earned at least Current commissioner Teresa Gould received in compensation in when she was Kliavkoff s deputy Her salary as commissioner will be reflected in the tax filings made society next spring Pac- Networks revenue The conference s wholly owned media company published million in revenue in FY its last year of existence It booked million in expenses The revenue total represents a percent decrease from the million generated just two years earlier in FY A central reason for the multi-year plunge the Comcast fiasco in which the distributor overpaid the Pac- Networks over the discipline of a decade Related Articles Mailbag SEC leads Big Ten Big in post-spring conference hierarchy NFL schedule process offers a model for college football in transfer portal era How NCAA vs House settlement could benefit Oregon s NIL with Nike deals Big Ten power rankings Penn State OSU Oregon atop after spring football CFB weekly recap Yormark s extension Trump s commission CFP expansion Once Comcast discovered the mistake through an internal auditing process in the summer of it began recouping the money by withholding payments to the Pac- Conference executives were aware of the overpayments but allowed them to continue The Comcast withholdings help explain the million drop in revenue over two years disclosed by the Pac- Networks As a development of the overpayment controversy the Pac- has been forced to refile for prior years with amended documents Other reasons for the revenue drop include cord-cutting which impacts subscriptions and a decrease in sponsorships and ad sales related to uncertainty about the conference s future Relocation costs The Pac- spent million on independent contractors for Production Studio Buildout in the calendar year as it vacated the downtown San Francisco office and moved its media production unit to the East Bay city of San Ramon This comes on top of million spent on the same project in The two-year total is million Related Articles Mailbag SEC leads Big Ten Big in post-spring conference hierarchy NFL schedule process offers a model for college football in transfer portal era How NCAA vs House settlement could benefit Oregon s NIL with Nike deals Big Ten power rankings Penn State OSU Oregon atop after spring football CFB weekly recap Yormark s extension Trump s commission CFP expansion The -square-foot facility in San Ramon opened in the summer of and houses Pac- Enterprises the production arm of what was the Pac- Networks The Enterprises unit produced WSU and OSU football games for The CW last fall plus additional events and is expected to have a crucial role starting in the summer of when at least six new schools join the conference Three companies are listed as contractors Advanced Systems Group million BCCI Construction million and STN Incorporated million The million in relocation expenses are in addition to approximately million the Pac- paid in rent over the syllabus of its -year stay on Third Street As clues to destruction go those are big ones Send suggestions comments and tips confidentiality guaranteed to wilnerhotline bayareanewsgroup com or call - 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