It's about more than revenue. It's about national brand, appeal, marketing, etc. I would imagine our athletics reach one of the largest audiences out of anything we do as an institute. And the, in this case national, perception of the university should absolutely be a priority for a President. Prioritized support for GTRI (and other academic-related initiatives) and university athletics are not and should not be mutually exclusive.
When you come out and make a statement like the one that he made that directly contradicts what your head coach is building toward and is just flat-out false, you come off as foolish and someone who is not in touch with your university's athletic programs.