How Pandemic Impacted Money Behind March Madness - Sport of Money

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The NCAA, the entity that oversees college sports in the U.S., is resuming its flagship NCAA March Madness basketball tournament this year after being forced to cancel in 2020 due to the coronavirus pandemic. 

The NCAA received $270 million in insurance recoveries related to the cancellation of the NCAA men’s tournament in 2020, but still the organization reported a net loss of $55.8 million in 2020 after reporting a profit of more than $70 million in 2019. 

According to financial statements, the NCAA reported total revenue over $1.1 billion in the fiscal year ending August 31, 2019. Nearly $900 million of that came from television and marketing rights fees, plus $178 million attributed to championships and NIT tournaments. 

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