SEC distributing $23 million to all 14 programs as a result of COVID-19 impact

(Photo by Michael Wade/Icon Sportswire via Getty Images)

The financial implications of the COVID-19 pandemic caused widespread cuts to universities across the country, but the SEC is trying to recoup some of those losses.

On Wednesday, Southeastern Conference commissioner Greg Sankey confirmed with Sports Illustrated that all 14 members of the conference will receive $23 million to assist in easing the blow of revenue lost from this past year, equaling a total of $322 million. The money is being pulled from the SEC’s new multi-million dollar broadcasting rights contract with ESPN, which is slated to begin with the 2024 college football season.

NEWS: The #SEC has disbursed an additional $23M to each school ($322 total) in a 1-time supplemental distribution to help offset COVID-19 impacts, Greg Sankey tells @SINow.

The league is accessing future earnings from a deal with ESPN that begins in 2024https://t.co/wA2aSEHCF6

— Ross Dellenger (@RossDellenger) May 19, 2021

According to Ross Dellenger, some SEC schools lost $20 million while some lost as much as $70 million since the pandemic began to sweep the country in March 2020. On average, SEC schools missed out on $45 million in revenue, most of it coming from the lack of football ticket sales. Each school apparently spent at least $2 million just on COVID-19 testing, as well.

“There’s always going to be critics,” Sankey said, according to SI. “We are in the midst of 15 to 16 months of complete disruption of full economic activity. Yet, through all of this, our programs have functioned well. Yep, people have made decisions about retaining and not retaining coaches. They’ve also supported student-athletes, and I think all of us can be continually thanked for providing those educational and competitive opportunities, and we do so with pride.”

Since the SEC will pull the money from a future deal, the conference will begin to repay the money starting in 2025.

[Sports Illustrated]