COLUMBUS - The scarlet and gray will soon be in the red.
Ohio State athletic director Gene Smith confirmed Sunday the Buckeyes' athletic department will lose money during the fiscal year ending June 30.
Smith says revenues are down between $300,000 and $500,000 this year for the winning men's basketball team. He did not know how much the department is expected to lose in total.
Smith says it's only the second time to his knowledge that the department will lose money.
To offset the loss, Smith said that ticket prices for football and men's basketball would be raised by $1, except for students' tickets. The university's board of trustees is expected to approve the increases later this week.