Florida State this week revealed financial records for fiscal 2025 that showed the Seminoles holding $437 million in athletics-related debt, up $200 million annually.
According to Sportico, FSU deputy athletics director Josh Turner said the increase is largely due to revenue bonds issued to fund renovations for Doak Campbell Stadium, the construction of a new football operations center, as well as debt related to earlier projects.
Florida State reported $617 million in institutional debt for 2025, with athletics accounting for nearly 71% of that amount. FSU's athletics-related debt stood at just $17 million at the end of fiscal year 2020, marking an increase of 2,465% over the last five years.
Related: Rutgers Athletics Has Lost $517M in Decade-Plus Since Joining Big Ten Conference
Institutional spending rose 22.6% from 2024 to 2025, reaching $208.2 million, with just over $100,000 going toward athletics.
Turner told Sportico that the institutional funding was used to support Title IX initiatives, athlete-related expenses and legal fees tied to the ACC litigation.
News of FSU's situation comes the same week that Rutgers reported losing $517 million since joining the Big Ten.
