>Costs? the money these sports COSTS the university?????
>
>Puh-leeeze. Miami is making a KILLING on their football program. That
>program alone funds just about every other sport....who knows what else they
>spend that money on.
>
>I can see you criticizing how that money is spent by the school, but the
>football program doesn't cost money...it makes money.

Argument by anecdote. 

Here are some more in depth studies.

http://www.usatoday.com/sports/college/2010-01-13-ncaa-athletics-subsidies_N.htm
http://jse.sagepub.com/content/10/3/323.extract
http://facpub.stjohns.edu/~gerstneg/papers/gerstner-2010nysea.pdf

and my search summary
http://scholar.google.com/scholar?as_q=athletic+program+costs+collegiate+athletics&num=100&btnG=Search+Scholar&as_epq=&as_oq=&as_eq=&as_occt=any&as_sauthors=&as_publication=&as_ylo=2000&as_yhi=&as_sdt=1&as_subj=bus&as_sdtf=&as_sdts=47&hl=en&num=100

but in one or two instances you may be right, but according to what I've read, 
they tend to be drain on the college's finances, on the average. 

This drain is not necessarily mitigated by the program's athletic success. Some 
argue that the success translates into increases in the number and quality of 
students applying to the school. A bunch of studies found that the department's 
success did not have a significant impact.

Another argument suggests that it helps attract alumni support, and increases 
alumni giving. Not quite, frequently the giving ends up violating NCAA rules. 
It also has a minimal impact on the surrounding economy. In other words just 
because you're in Blacksburg, VA and Virginia Tech is having an amazing year 
won't mean your mechanics shop will see more business. If you're running a bar 
near the stadium then maybe.

The fan base is another argument. Aside from the undergrads who have to be 
there, or pay the athletics fee anyhow, the vast majority of non student fans 
tend to be locals. These are the same people who would be attendees at a 
semi-pro/pro type farm team league if it were set up according to another 
survey that I found in that google scholar link.

I'll let you draw the appropriate conclusions. 

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