The coronavirus pandemic causes major financial ripple effects for NCAA schools as a result of March Madness being canceled, according to multiple reports.

NCAA member schools will see a 62.5% decrease from the expected $600 million they were to receive after the cancellation of spring sports and the NCAA basketball tournament (the biggest money-maker in NCAA sports).

The NCAA Board of Governors made the vote today. Instead of $600 million, schools will receive $225 million.

Ohio State president Michael Drake, chairman of the NCAA Board of Governors released the following statement:

“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 financial impact of the coronavirus pandemic is in the early stages, and will likely continue to get worse in the coming months.