While VCU may not have brought a trophy back to Richmond after falling short in the second round of their NCAA tournament matchup against the University of Oklahoma last Sunday, the team has given its fans something else to cheer about.
VCU is expecting up to $2 million through 2023 for it’s participation in the NCAA “March Madness” collegiate basketball tournament.
The precise amount of money awarded to the team is yet to be officially announced, however Deputy Athletic Director Jon Palumbo indicated that the amount will total close to a quarter of a million dollars across six years.
“Based on NCAA policy and Atlantic-10 revenue sharing policy, VCU will receive approximately $340,000 per year over six years beginning in 2018,” Palumbo said.
Palumbo said the money would be used to enhance operations such as travel expenses, support services and other facility enhancements.
“This means that our student-athletes will be provided the resources to maximize their experience at VCU and to prepare them for success on and off the court,” Palumbo said.
Basketball players themselves will not see any money because NCAA policy dictates student athletes don’t qualify for shared earnings from ticket sales and other revenue from NCAA matches.
The annual March Madness basketball tournament generates almost $900 million in revenue for the NCAA, 80 percent of which is from television and marketing rights fees.
Online News Editor, Andrew Crider
Andrew is a junior economics major who has written for student newspapers since he was in high school. Andrew is interested in political history, aviation, photography and running. He has a tendency to refer to his peers, coworkers and bosses as “ma’am” or “sir,” but is getting better about referring to his friends at the CT by their first names instead. // Facebook