ACC revenue reaches historic heights despite rising legal costs

In 2023, the Atlantic Coast Conference (ACC) achieved record revenue figures, reporting approximately $711.4 million for the fiscal year 2023-24. This reflects a slight increase from the previous year's revenue of $706.6 million. Member payouts also rose, with an average of nearly $45 million disbursed to the 14 football-playing members. Among these, Louisville and Florida State received the highest payouts at $46.4 million and $46.3 million, respectively. Additionally, Notre Dame, as a partial football independent, received $20.7 million. The revenue growth was partly credited to the ACC's media rights agreement with ESPN, particularly following the launch of the ACC Network in August 2019. The ACC's television revenue surged from $288.6 million in 2018-19 to $487.1 million in 2023-24, marking a significant 68.8% increase. However, this financial success was overshadowed by an increase in legal expenses. The conference reported over $12.3 million in legal costs for the same period, which represents a 70.2% rise compared to the previous year’s legal expenditures of $7.2 million. These increased costs arose during ongoing litigation against the conference by member schools Florida State University and Clemson University. The legal situation stemmed from disputes surrounding the ACC's exit fees, which were challenged by the two schools as they explored joining other conferences. The recent settlement of those cases and a renewed media rights deal extension until 2035-36 provided some stability for the league amid nearing departures and uncertainties. Commissioner Jim Phillips expressed optimism about the league's situation, emphasizing the need for stability to focus on business operations without distractions, despite the legal challenges that the conference faced.