NCAA slashes distribution by $375 million in pandemic fallout

By: Ralph D. Russo, The Associated Press
Published: Thursday, March 26, 2020
This March 12, 2020, file photo, shows the national office of the NCAA in Indianapolis. The NCAA will distribute $225 million to its Division I members in June, $375 million less than had been budgeted this year because the coronavirus outbreak forced the cancellation of the men's basketball tournament. (AP Photo/Michael Conroy)
This March 12, 2020, file photo, shows the national office of the NCAA in Indianapolis. The NCAA will distribute $225 million to its Division I members in June, $375 million less than had been budgeted this year because the coronavirus outbreak forced the cancellation of the men's basketball tournament. (AP Photo/Michael Conroy)

The NCAA will distribute $225 million to its Division I members in June, $375 million less than had been budgeted this year because the coronavirus pandemic forced the cancellation of the men's basketball tournament.

The NCAA said Thursday $50 million will come from its reserve fund. A $270 million event cancellation insurance policy will be used to pay off a line credit that will cover the remaining distribution.

The NCAA had been scheduled to distribute $600 million to more than 300 Division I schools from April to June.

The NCAA pulled in more than a $1 billion in revenue last year, $867.5 million from the television and marketing rights for the the Division I men's basketball tournament.

The tournament was canceled March 12, a week before the first round was scheduled to begin.

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