UCF athletics continued to highlight the financial complexities that come with a department still navigating the transition to a Power Five conference, such as the Big 12.

Those challenges were documented in the agreed-upon procedures records, which universities share certain financial information with the NCAA.

Those reports don’t serve as an athletic department’s financial statement.

UCF reported $108.89 million in total operating revenue during the 2025 fiscal year (July 1, 2024-June 30, 2025), up from $98.16 million in 2023-24. Ticket sales, donations and conference distribution helped push revenue to nearly $110 million.

The Knights received a half-share ($18 million) of annual revenue for the second season as part of their agreement to join the Power Four league before receiving a full share in 2025-26.

UCF reported an operating expense of $103.62 million, an increase from $97.45 million reported last year. Expenses increased due to rising costs for team travel, equipment and game expenses.

When athletics director Terry Mohajir arrived at UCF in 2021, the department was facing a $27 million deficit.

The total number of undergraduates at UCF was 42,128, with 478 men (224) and women (254) participating on athletic teams.

UCF received $8.37 million in revenue from ticket sales from sporting events, including $6.39 million from football. The Knights also received $27.9 million in contributions, including $23.8 million from football.

Media rights ($9.7 million) and NCAA distributions ($378,683) accounted for more than $10 million in revenue, while royalties, licensing, advertising and sponsorships contributed nearly $14 million.

UCF spent $19.24 million on coaches’ salaries and benefits, including $9.36 million for football and $5.49 million for other sports. The department also spent more than $17 million on support staff and administrative compensation.

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The Knights also spent $2.23 million in recruiting during the fiscal year, an increase from the $1.8 million the previous year. Football accounted for nearly 63% of expenses, at $1.397 million.

The department paid more than $6 million in team travel last fiscal year, with football ($1.97 million), men’s basketball ($983,135) and other sports ($2.45 million) accounting for the majority of the cost.

Other expenses included student-athlete aid, for which the department spent $10.77 million, including $1.9 million for the Alston Awards.

There was a debt service payment of nearly $10 million related to the new Football Campus Project, including the Roth Tower expansion at FBC Mortgage Stadium and the Sharon and Marc Hagle Gateway.

The Roth Tower expansion is ongoing and is expected to be completed before the start of the 2026 football season. It’s expected to help generate approximately $2.4 million in new revenue annually.

Also included in the report was a $2.5 million payment to the American Athletic Conference, part of the $18 million exit fee UCF paid to leave the league to join the Big 12 in 2023.

The report, however, doesn’t present a complete financial picture because the NCAA doesn’t account for funding capital projects, operating funds and capital gifts.

Please find me on X, Bluesky or Instagram @osmattmurschel. Email: mmurschel@orlandosentinel.com. Sign up for the Sentinel’s Knights Weekly newsletter for a roundup of all our UCF coverage.