LAS VEGAS (KLAS) – March Madness is not only the NCAA’s largest 3-week event, it also generates a tremendous amount of revenue for its member institutions. The NCAA would normally send $600 million to schools around the country, but this year has reduced that amount to $225 million.
NCAA officials said they had reserve funds to help should the tournament be cancelled and they are using $50 million in that reserve to send to schools.
Colleges also lost large amounts of revenue when Conference Tournaments were cancelled around the country. The Mountain West Conference, which includes UNLV held its tournament a week early this year and avoided the shutdown.