The NCAA board of governors will distribute $225 million to Division I schools in June instead of the $600 million they had planned to distribute.
With the cancelation of the NCAA basketball tournament due to COVID-19, revenues will be down dramatically for the amateur athletic body.
The NCAA generates most of its revenue from TV and marketing rights from the men's basketball tournament, along with ticket sales from national championship events.
"We are living in unprecedented times not only for higher education but for the entire nation and around the globe as we face the COVID-19 public health crisis," Michael V. Drake, NCAA board of governors chairman and Ohio State president, said in a statement. "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."
