Penn State has beaten Florida State but not on any field or court.
According to Sportico, following Penn State closing out its fiscal year 2025, the Nittany Lions leapfrogged Florida State for the D-I school holding the most athletics-related debt.
Penn State reported $534.7 million in athletics-related debt, more than tripling the $163 million reported last year. The new figure exceeds the $437 million reported earlier this week by Florida state in fiscal year 2025.
Related: Florida State Closes Fiscal Year 2025 With $437M in Athletics-Related Debt
Penn State's debt is driven largely by the school's $700 million renovation of Beaver Stadium, which is funded by debt the school has said will be repaid via fundraising, concessions, naming opportunities, sponsorships and ticket sales"
Renovations of Beaver Stadium are expected to be completed by 2027.
Football ticket sales in 2025 were $44.3 million, down from $55.6 million in the previous fiscal year.
Per Sportico, Penn State reported total operating expenses of $254.6 million — up from $215.1 million in FY24. Among those expenditures were $18.4 million for “institutional NIL revenue share” payments to athletes, including $13.3 million to football players, $3 million to men’s basketball players, $110,000 to women’s basketball players and $1.9 going to other PSU athletes.
