The NCAA has announced that there will be a major cut in revenue distribution to Division I programs this year, after the association made the difficult decision to cancel the annual basketball tournament two weeks ago. The NCAA released a statement on Thursday.

“We are living in unprecedented times not only for higher education, but for the entire nation and around the globe as we face the COVID-19 public health crisis,” The NCAA said in a 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 NCAA Board of Governors voted unanimously to distribute $225 million to Division I members for 2020. If the tournament had been played, the revenue distribution would’ve been $600 million — a cut of nearly $400 million.

March Madness is one of the biggest revenue-generating events of the year for the NCAA.

“The Association has prepared for a financial catastrophic event like the one we face now,” the NCAA said. “While we certainly have challenges ahead, we would be in a far worse position had it not been for this long-standing, forward-focused planning.”