For state schools it's driven by alumni/state resident interest. It's for school development for the most part. But show me a school that's positive revenue and I'll show you once that it's a huge money loser. Of course, there's also that matter of who is doing the books.....If true, how do you explain the massive growth in football and basketball budgets at public schools over the last few decades?
Do we even need to talk about the financial disaster that is subdivision (1AA) football?