The University of Iowa has announced that it will no longer be sponsoring four sports programs: men’s gymnastics, men’s swimming and diving, women’s swimming and diving and men’s tennis. The school released a statement on Friday.

Iowa now has 20 sponsored athletic programs within the department.

“The COVID-19 pandemic resulted in a financial exigency which threatens our continued ability to adequately support 24 intercollegiate athletics programs at the desired championship level,” president Bruce Harreld and athletic director Gary Barta said in a joint statement. “With the B1G Conference’s postponement of fall competition on August 11, UI Athletics now projects lost revenue of approximately $100M and an overall deficit between $60-$75M this fiscal year. A loss of this magnitude will take years to overcome. We have a plan to recover, but the journey will be challenging.”

Iowa announced that the four sports being cut will still have an opportunity to compete in the 2020-21 season, should the circumstances allow it as it relates to the COVID-19 pandemic. All existing scholarships will be honored through graduation.

Coaches affected will also have their contracts honored.