Academia should be academia and only dedicated to further scientific knowledge and teaching, not to spend boatloads of time and resources to hunt for half year grant money or sports revenue. Just imagine all the management time of what is consumed by sports go to helping the professors deal with grants/funding issues - that would be a major boost for science if scientists could actually do science things instead of management things!
https://www.ncaa.org/about/resources/media-center/news/athle...
Are they actually, when all's said and done? (Genuinely asking, I've no idea). In particular, after the facilities are paid for? Non-education-related sports facilities (stadiums and such) are notoriously nearly always net costs to the government who subsidise them.
Stadiums can sometimes look for public subsidy when being replaced or re-built, but they can equally make a claim that their presence brings in millions of dollars of revenue to the local area over the course of a season and that the cost of the stadium can easily be amortized over decades (something that is actually easier for a collegiate program in a mid-sized city to claim than a pro team in a major urban center.) The ancillary facilities like practice space, offices for coaching staff and other infrastructure are almost always paid for by the athletic programs to the best of my knowledge.