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The Real Cost of March Madness

By Ben Steverman, with Eben Novy-Williams and Seth Magalaner - 2012-03-21T23:12:14Z

Photograph by Kevin C. Cox/Getty Images

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College Programs' Money Flow

In 2010 (the most recent data filed with the U.S. Department of Education), Division I schools grossed $1.6 billion on basketball programs and spent $1.4 billion. Men's teams brought in $1.23 billion and had $893 million in expenses. Women's teams raised $374 million in revenue to partially offset $519 million in costs.

The men's program at Arizona State University, which failed to reach any postseason tournaments, raised $8.6 million and spent $5.6 million in 2010, according to data obtained by Bloomberg News through open-records requests. The University of Kentucky men's team, this tournament's top overall seed, brought in $16.8 million and spent $11.6 million.