The NCAA has announced it has brought in more than US$1.15 billion (AUD$1.6 billion) in revenue for 2021, a record for the organisation still dealing with the effects of the COVID-19 pandemic.

The previous record revenue generated in a calendar year by the organisation was in 2019, when it brought in US$1.12 billion (AUD$1.5 billion).

With the organisation able to return to normal competition following the cancellation of the men’s basketball March Madness tournament in 2020 due to COVID-19, the revenue compared to 2020 grew by US$519 million (AUD$727 million).

Reports suggested the cancellation of the tournament in 2020 cost the NCAA US$800 million (AUD$1.12 billion) due to lost ticket revenue, broadcast rights, merchandise sales and media rights, with the organisation recovering US$270 million (AUD$378 million) due to its insurance policy.

Despite the return to competition in 2021, the NCAA still went without ticket revenue as the majority of competitions operated in COVID-safe protocols with limited or no fans in attendance, leading to an insurance payout of US$81 million (AUD$113 million) to cover lost ticket revenue and COVID-19 related expenses.

It was reported the majority of NCAA revenue in 2021 was generated from the broadcast contract with CBS and Turner, with the broadcasters paying US$850 million (AUD$1.19 billion) in 2021 and are expected to pay US$870 million (AUD$1.21 billion) for the rights in 2022.

The NCAA also said it has returned to its pre-COVID-19 pandemic levels of distributed funding after only distributing US$246 million (AUD$344 million) to its member organisations in 2020.

In 2021, the NCAA distributed US$613 million (AUD$858 million) in central funding to its member organisations, an increase of US$2 million (AUD$2.8 million) on its 2019 distributions.