In the wake of winter and spring championship events being canceled, the NCAA has pledged to help out student-athletes at Division I schools.
The NCAA announced its Board of Governors unanimously voted to "distribute $225 million in June to Division I members to specifically focus on supporting college athletes."
Michael V. Drake, chair of the board and president of The Ohio State University, issued a statement on the NCAA's decision:
"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. 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."
The statement notes $50 million will come from an NCAA reserve fund, and the organization also keeps a $270 million event cancellation insurance policy with the proceeds from that being used to pay off a line of credit that covers the remaining $175 million to Division I schools.
The first payment for Division I revenue distribution was originally scheduled for April, with a 2020 budget of approximately $600 million.
On March 12, NCAA president Mark Emmert and the board of governors announced the cancellation of all remaining spring and winter sports events because of the coronavirus pandemic, including the men's and women's basketball tournaments.