College athletic directors are expecting some serious financial issues going forward.
March Madness is an ATM for major universities around the country, and it pretty much prints money for the NCAA. Tragically, the event was canceled this year because of coronavirus. Now, athletic programs are expecting money problems. (RELATED: David Hookstead Is The True King In The North When It Comes To College Football)
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According to USA Today, the NCAA’s insurance for March Madness is said to be somewhere between $250 million and $275 million, but athletic directors have no idea how much of it they’ll ever see. The same report claimed that most universities receive 2%-5% of their budget from NCAA payouts, which now could be drastically cut.
An unnamed AD told USA Today that the “economics” of the situation “could definitely be extensive.”
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I honestly feel so bad for so many people in this situation. I feel bad for the fans because March Madness was stolen from us, I feel for the players because their seasons were abruptly ended and I feel bad for the ADs who will now have to figure out how to make their budgets work.
All the way around, it’s just a terribly horrible situation. If you told me three weeks ago that March Madness wouldn’t have happened, I would have laughed in your face.
Yet, here we are as coronavirus sweeps the country, and ADs now deal with financial shortfalls.
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Let’s all hope this gets figured out, and the universities are able to rebound. It’s still hard for me to believe all of this is real. What a truly terrible time for this country and sports.