I disagree strongly with the idea that the same amount of money should go to university sports activities as to university libraries. Although playing sports is a wonderful way to learn about teamwork, strategy and reaching your goals, it should not be the principal focus of a university education.
Students need the most up-to-date library facilities available to get the best education. Many of those facilities are very expensive to buy and maintain. These include computerized programs and access to internet research databases that students can use to find information all around the world. If a university is only offering its students resources of a decade ago, it's depriving those students of a tremendous amount of information.
Even the book and magazine budget of universities has gone up tremendously in last decade. More is being published on every subject, and every university wants to have this information available to its students.
It also costs money for universities to keep their libraries open. Students need to have access to all the libraries' research tools as much of time as possible. Because students are young and can stay up all night studying, many universities are starting to leave their libraries open all night during exam periods. This costs money, because the staff has to be paid extra to be there. It also costs money to run the building (electricity, heat) during that time.
Students at universities are only going to benefit from their education if they can get to all the tools they need to learn. Sports are secondary to the resources that students need from university libraries. For this reason, libraries should always be better funded than sport activities.