The first financial effects of the coronavirus pandemic came home to roost on college sports Thursday, when the NCAA announced a massive slashing of revenue distribution for 2020.
The NCAA Board of Governors voted to allot $225 million to member schools, a 62.5% decrease from the expected $600 million. The shortfall is attributable to the cancellation of the NCAA’s biggest money maker, the men’s basketball tournament, plus all other canceled championships in winter and spring sports.
“As an association, we must acknowledge the uncertainties of our financial situation and continue to make thoughtful and prudent decisions on how we can assist conferences and campuses in supporting student-athletes now and into the future,” said Ohio State president Michael Drake, chairman of the NCAA Board of Governors.