NCAA surpasses $1 billion in revenue for first time
By Ahiza Garcia
NEW YORK (CNNMoney) -- For the first time, the NCAA crossed a billion in annual revenue.
The collegiate athletic group earned nearly $1.1 billion in 2017, based on a financial statement it put out on Wednesday.
More than $800 million of that is due to lucrative TV rights deals with CBS and Turner, which also owns CNN. In April 2016, the NCAA renewed that deal for $8.8 billion. It lasts until 2032.
Nearly $1.3 million of the league's revenue came from championships and tournaments.
While revenue is pouring in, the NCAA faces some challenges.
One of the biggest expenses the NCAA faced in 2017 was a $209 million settlement with former players. They sued the NCAA because the sports scholarships they received didn't cover the full cost of attendance.
It's currently dealing with a major college basketball corruption scandal and resulting FBI investigation into college coaches and programs. It's also facing increasing pressure to pay college athletes.