Richmond city spent $15,784,832 on men’s collegiate basketball teams in 2024, representing a 12.8% increase from the previous year, according to the U.S. Department of Education.
Overall, basketball teams in the county received a total of $24,049,449, with men’s teams receiving $15,784,832.
Since 2010, the average sports expenses in Richmond city have grown 163%.
Basketball is one of the most popular college sports in the United States alongside football, with major NCAA programs drawing fan support and television audiences that can rival those of the NBA. Tournaments such as March Madness attract millions of viewers each year.
College athletics has entered a new era of athlete compensation after a federal settlement allowed schools to directly share revenue with players for the first time. The agreement also requires the NCAA to pay $2.8 billion in back damages over 10 years to athletes who competed from 2016 to the present.
In 2022, after years of legal and legislative pressure, athletes also gained the right to profit from their names, images and likenesses through state laws and an NCAA policy change.
The NCAA generated roughly $900 million in revenue from March Madness and related Division I men’s basketball tournament media rights during fiscal year 2024, making basketball the organization’s largest source of revenue.
| Year | Basketball team’s expenditures | % from grand total sport team expenditures | Total Sport Team Expenditures |
|---|---|---|---|
| 2024 | $15,784,832 | 16.7% | $94,256,878 |
| 2023 | $13,998,809 | 16.2% | $86,241,854 |
| 2022 | $13,079,534 | 16.8% | $77,688,008 |
| 2021 | $10,084,504 | 16.1% | $62,474,325 |
| 2020 | $12,166,184 | 16.9% | $71,880,334 |
Information in this story was obtained from the U.S. Department of Education. The source data can be found here.
