Conferences, schools receiving financial hit without ‘March Madness’

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Conferences, schools receiving financial hit without 'March Madness'

The NCAA has reduced its distribution at Division I conferences and schools from about $ 600 million to $ 225 million, the entity announced Thursday.

The sharp decline was largely due to the cancellation of the Division I men’s basketball tournament due to a coronavirus outbreak.

“March Madness” has raised more than $ 1 billion by 2019, according to multiple media reports, and NCAA board of governors chairman Michael Drake said more manufacturing maneuvers could be reached.

“The association has prepared for a financial catastrophe similar to what we face today,” said Drake, the president of Ohio State. “While we may have specific challenges in the future, we would be in a worse position if it weren’t for this long, focused planning.”

The tournament was canceled on March 12, a day after NBA player Rudy Gobert tested positive for coronavirus.

Thursday marked the start of the Sweet 16 round, and the championship game ends for April 6 in Atlanta.

NCAA head Kathleen McNeely told USA Today that financial distributions will be made in June.

Big 12 commissioner Bob Bowlsby said his conference maintains an operating reserve for situations outside its control.

“We have some money beyond that which is a result of the money we withheld last year for a different purpose,” Bowlsby said in a conference call.

However, if the pandemic persists through the end of summer and fall, there are major concerns.

“It’s a whole new ballgame if we find ourselves not playing football,” Bowlsby said.

And if there were football games, Bowlsby acknowledged that they could be held without fans.

“It’s in the past,” Bowlsby said. “Just a week ago today, it seemed longer, that we missed the first day of March Madness. The number of changes in the past week has been extraordinary.”

-Remove Level Media