BIRMINGHAM, Ala. — The Southeastern Conference announced that it will help each of its SEC athletics programs with a $23 million supplemental revenue distribution to help with the financial impact caused by the COVID-19 pandemic.
The SEC is using future conference revenue to help the schools. Revenue shortfalls were different across the board for SEC members but averaged approximately $45 million per SEC programs.
“The extraordinary circumstances produced by the global pandemic have presented colleges and universities with an unprecedented disruption to their programs and budgets,” said SEC Commissioner Greg Sankey. “This supplemental revenue distribution will help ensure each SEC member will continue to provide high levels of support to its student-athletes.”
The SEC is using future increases in media rights revenue to help facilitate this supplemental distribution. Beginning in 2025, the SEC will allocate a portion of the media rights fees to be received by the conference to fund the supplemental distribution. The SEC projects that its annual distribution to each school will still increase in 2025 and beyond, even after a portion of the new revenue is reallocated.
“This immediate financial support will help our athletics programs address some of the current challenges they are facing while also ensuring each program remains well-positioned for future success,” Sankey said. “Thanks to years of responsible decision-making and unity, combined with unparalleled success, the SEC and its 14 member universities are uniquely prepared to navigate the COVID-19 pandemic and continue building on a remarkable legacy of achievement.”
Truist Securities and Regions Capital Markets acted as the joint lead arrangers for facilitating the funding for the SEC Office that allowed the Conference to provide this supplemental distribution to member schools.