Have operating income of about $1 million a year by year 5 ($4.7 revenue versus $3.7 million expenses). Granted, they would be bringing more revenue then the average start up school because of the B1G network revenue.
U of Illinois NCAA hockey feasibility study
College hockey can't be too big of a losing prospect, otherwise Penn State, Arizona State, and Long Island University wouldn't have made recent jumps from club to D-I, St. Thomas from D-III to D-I, and Illinois wouldn't have commissioned a study. The biggest obstacle is getting donations to cover the fixed costs like building a viable ice arena.