Nike says it will invest $1.1 billion in the NCAA
By JOSH FRANCIS, Associated Press NCAA officials announced Wednesday that they will invest nearly $1 billion over the next five years in the nation’s college sports, adding the sport’s highest profile investor to the group.
The announcement was made at the opening of the College Football Playoff semifinals in New Orleans, and a celebration of the tournament’s 100th anniversary.
The new investors will be Nike, which owns the NFL’s Cleveland Browns, and General Motors, which builds its Chevrolet brand.
The NCAA’s chief executive, Michele Tafoya, also announced that the organization will use $1 million to help students at more than 50 colleges who need a little extra help to make ends meet.
The $1,000 funding will help students with tuition, room and board, as well as student-athlete support and other essentials, the NCAA said in a statement.
The total amount is expected to be used for student-access initiatives, athletic scholarships and other costs.
The College Football Bowl Subdivision, which plays 12 teams, also has received a boost, with $1 of the $1billion to go toward the league’s student-support system, according to the NCAA.
The ACC also has been given a $1bn investment, and the Pac-12 Network will get $750m.
The schools that will benefit most from the investment are the ACC and Big Ten.
The Pac-10 Network will receive $1million.
The Big Ten Network will pay for $750 million.
The Big 12 will receive another $750,000 for the league and its network, and $500,000 from its conference partners.
The Conference USA and Southland Conference will receive an additional $1m each, with the Southland conference receiving $750.
The conference that received the least will get nothing, with both schools receiving a combined $500.
The rest of the funding will go to college sports that are in need of support.
The money will be split between the schools involved in the tournament, and will be divided between the conferences to help them pay for the cost of maintaining the tournament.
The college sports will continue to be financially stable and not incur any new expenses, the statement said.