Big East Recoups Tourney Losses with Insurance Claim

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As the pandemic hit in March, the Big East Conference was in the midst of its men’s basketball tournament, held in Madison Square Garden. Ensuing shut downs caused the Big East tournament to be canceled — which was cause for some degree of financial alarm because according to Sportico, the tournament accounts for nearly 20 percent of the league’s annual revenue. 

Sportico reports that despite the sudden cancellation, the league was able to recoup most of its lost revenue for the 2020 tournament through a $10.5 million insurance payout.

The event-cancellation policy the conference collected on included language that covered losses in the event of a cancellation caused by a communicable disease. Conference sources told Sportico that the policy was paid out, and confirmed the final figure.

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