The NCAA announced Thursday that it would distribute $225 million to member universities in June to support student athletes due to the coronavirus pandemic.
The decision came after a unanimous vote by the Board of Governors to distribute some revenue as a response to the cancellations of all winter and spring NCAA championships.
The $225 million is substantially less than the approximately $600 million that the NCAA budgeted for its distribution, with most of the revenue stemming from the Division I Men’s Basketball Championship television and marketing rights.
The Board of Governors emphasized the importance of using the distributions to aid college athletes through the funding of championships, national programs and other initiatives, according to the statement.
IU Athletics released a statement shortly after the NCAA’s noting that IU’s distribution would likewise be less than initially budgeted for the university.
“As is the case with so many other organizations in our community, across the country and around the world, the coronavirus pandemic is having and will continue to have a significant negative financial impact on our department and all of intercollegiate athletics,” Fred Glass, vice president and director of intercollegiate athletics, said in the release.
IU Athletics noted it would be deferring all non-essential building and maintenance projects and purchases in addition to the hiring, promotion and bonus freezes university-wide to mitigate the financial difficulties presented by the COVID-19 outbreak.