Well, citation is needed as well for the belief that sports brings in money. Do some research on the Google. Sports is a money loser for all but a handful of universities. You especially have to be careful when doing this research because universities are creative when it comes to accounting for sports expenditures.
I had access to Stanford's numbers. Its big ticket sports are profitable. The lesser sports aren't., although some are closer to break even than others. If Stanford has a loss in sports as a whole, it's because the lesser sports cost more than the profit from the big ticket sports.
And yes, that includes the new football stadium and the newish tennis stadium.
Your perception is almost entirely wrong.