Oct 15, 2012, 11:37 PM EDT
USAToday.com reported Monday that the NCAA has now surpassed $500 million in net assets, including a $260 million endowment fund.
The information provided is a result of “an examination of the NCAA’s previous audited financial statements and membership reports, its federal income tax returns and a series of interviews and e-mails with association executives,” according to the story.
In all, the analysis showed that the NCAA’s spending went to as much as $800 million, with an all-time high of $503 million being distributed to Division I schools. The analysis showed that the NCAA made at least $860 million during the 2012 fiscal year.
“We are not speculating on our year-end numbers,” spokesman ErikChristianson said via e-mail. “But we expect to post a surplus at the end of the year and make a supplemental distribution to our members after receiving final audited financial results.”
Another crazy finding? A large amount of the NCAA’s money comes from the television rights they gave to CBS and Turner Broadcasting for the NCAA Tournament, which pulled in $666 million in 2012. Along with the $18.8 million provided from ESPN’s rights to the women’s tournament, the total percentage of revenue provided is 80-percent. Insane.
There are a lot of numbers in the article, with great research provided by USAToday. The bottom line is that the NCAA is making a ton of money off these college kids and coaches in the midst of heated debate over whether college athletes should get paid, which is another blog for another time.
The NCAA is making a ton of bank and distributing it among the schools, including a huge endowment. This should stir the pot in this debate of paying college athletes.
But mainly, this is an eye-opener to anyone wondering exactly what type of profit the NCAA brings in. College sports is more and more looking like a business.
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