Coronavirus: NCAA sees $375 million decrease in revenue after cancellation of championships

Coronavirus: NCAA sees $375 million decrease in revenue after cancellation of championships”

But with March Madness canceled, the NCAA is looking at a huge financial loss, one that will be passed down to member schools such as IU, Purdue and Butler.

The NCAA gave a painful first glimpse Thursday, announcing that its Board of Governors voted unanimously to distribute $225 million in June - $375 million less than the $600 million it had originally budgeted for distribution in April.

Steinberg Sports and Entertainment CEO Leigh Steinberg explains how the economy will be impacted by sports events and seasons being canceled due to coronavirus.

The NCAA will use $50 million from its reserves as part of the $225 million distribution.

"We are living in unprecedented times not only for higher education, but for the entire nation and around the globe as we face the COVID-19 public health crisis", Michael V. Drake, chair of the board and Ohio State's president, said in a statement.

This winter, for example, the Whitworth and Whitman men's basketball teams - as well as the Whitman and George Fox women's teams - all reached the NCAA Tournament.

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"While we certainly have challenges ahead, we would be in a far worse position had it not been for this long-standing, forward-focused planning", Drake said.

The NCAA addressed these concerns in a letter to member schools, saying "the committee recognizes that several issues need to be addressed related to providing an additional season of competition, including financial aid implications".

In its 2018-19 financial statements, the NCAA estimated that it would receive $827 million from television broadcast revenue and licensing rights for the men's basketball tournament in 2020.

"As is the case with so many other organizations in our community, across the country and around the world, the coronavirus pandemic is having and will continue to have a significant negative financial impact on our department and all of intercollegiate athletics", Fred Glass, vice president and director of intercollegiate athletics, said in the release.

The NCAA said that Division II is projected to receive $13.9 million, a $30-million decrease from past year. That is $22 million less than it received a year ago, according to the NCAA's release. "Division III will receive 3.18% of actual revenues, now projected to be $10.7 million for the division, which is a $22 million decrease from a year ago".

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