NCAA Loses $375 Million Over Cancelled National Tournament
The NCAA has taken a huge hit after cancelling the 2020 National Tournament.
University athletic directors are projecting a nearly 20% decrease in revenue for the upcoming collegiate season. Mental health, academic progress, and lack of resources have all been cited as leading causes for what will most certainly be a catastrophic drop in revenue.
The cancellation of March Madness itself cost the NCAA are grand total of $375 million, which the institution was set to redistribute to member schools.
Iowa State has recently announced a pay reduction to its staff and coaches, while all schools in the nation will be limited in their offseason recruiting efforts due to cancellation of high school seasons. With the recruitment process essentially at a stand still, schools outside of the Power 5 and especially past the Division I ranks will struggle throughout the summer will adding to their program.
The financial and logistical affects of the virus outbreak will be heavily felt for more than just the next few months.