The Power Five conferences combined for more than $3.3 billion in revenue during their 2022 fiscal years, their new federal tax records show. That represents an expected recovery from a pandemic-related decrease in 2021, but it also leaves the conferences short of where they would have been had their revenues kept increasing at an average annual rate that they had established before the COVID-19 pandemic.
In addition, the Pac-12 Conference reported on its new filing that it “anticipates” filing an amended return for 2022 because of “a possible restatement” of its audited financial statements. This is connected to overpayments totaling more than $50 million that Comcast made over a period of at least five years to the conference-owned Pac-12 Networks, according to a conference spokesman, a previous statement from the conference and a wrongful-termination suit filed by two former Pac-12 executives who were fired in January after the overpayments were discovered.