NCAA exploring alternatives for pandemic risk management
- October 6, 2024
- Posted by: Web workers
- Category: Finance
The National Collegiate Athletic Association said the pandemic coverage included in the loss of revenue insurance it had in place for 2020 and 2021 is “no longer available” and it is exploring alternatives.
The NCAA received $81 million from insurers for loss of revenue during the fiscal year ended Aug. 31, 2021, related to reduced ticket sales and additional costs for COVID-19 precautions, according to its latest financial statement posted to its website.
This followed a $270 million insurance payout in 2020 related to the cancellation of the NCAA men’s basketball tournament as a result of COVID-19.
“The NCAA’s loss of revenue insurance expired at the end of fiscal year 2020-21 and similar coverage is no longer available given changes in the marketplace due to COVID-19,” the Indianapolis-based organization said in the statement.
“Management is exploring alternative solutions to pandemic risk management and will continue to monitor the impact of COVID-19 during fiscal year 2021-22,” it said.
The NCAA reported $1.16 billion in revenue for the fiscal year ended Aug. 31, 2021, up from $519.2 million in the prior fiscal year.
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