When it comes to collegiate sports, success on the field or court does not aways mean there is a financial gain in the sport. Despite Dawn Staley taking the South Carolina women's basketball team to the NCAA Tournament, the Gamecocks have reported a loss of $5.6 million for the 2024 fiscal year.
Over the past three seasons, South Carolina women's basketball has reached the Final Four every year, securing two national championships. Despite the success of the team, the program has averaged a $5.59 million deficit. The largest coming in the 2023 season with $5.7 million.
The Gamecock women's basketball program generated close to $5.9 million in revenue in FY24, however they still operated at a loss, largely due to coaching salaries. Programs such as Iowa and UConn women's basketball earned twice as much as South Carolina from ticket sales last season. The women's team also earned significantly less from media rights compared to the men's team. If the women's program earned as much as the men's from those media rights and NCAA Tournament distributions, the revenues between the two programs would be nearly identical.
“We may not make more than we spend—like a lot of programs,” Staley said in January. “A lot of men’s programs don’t make what they spend either. But for the entire existence of women’s basketball, we’ve been held back.”
That being said, the financial aspect of the program is a vast understatement of the value of the South Carolina women's basketball program itself. The team's consistent dominance has encouraged high school student-athletes to want to play for head coach Dawn Staley. Last year, 24 million viewers tuned in to watch South Carolina win the national championship. Success on the court has led to better apparel deals for the university. And hosting early-round NCAA Tournament games, the Gamecocks brought in tourist dollars to the city of Columbia.
“The women’s program has helped elevate Columbia,” said Columbia Mayor Daniel Rickenmann. “It’s been incredible for the university. Think about what it means for our fans, restaurants, and hotels—it’s boosted our community.”
New athletic director Jeremiah Donati agrees. “There’s no question our women’s basketball program brings tremendous value—both tangible and intangible,” Donati said. “It’s difficult to perfectly quantify that.”
Since taking the reins from former AD Ray Tanner, Donati has been clear about college athletics, stating that as a whole, it cannot continue to operate as they have in the past. “We’ve had tough conversations with our coaches and staff,” Donati said. “We just can’t keep doing business as usual.”
Donati is exploring ways to create fresh revenue and create a direct return on investment for the women's program. That includes re-evaluating ticket prices, boosting cooperate partnerships, and maximizing the exposure on and off the court. “We’re taking a fresh look at ticket pricing and corporate partnerships to increase revenue,” Donati said. “We need to balance keeping the arena full while ensuring we’re capturing fair-market value.”
Closing that gap on the financial aspect of the program will not happen overnight, but with fresh ideas at the forefront, "We will find a way," as Donati says.