The NCAA has reported losses for the fiscal year ending August 2022 ©Getty Images

The National Collegiate Athletic Association (NCAA) has reported a loss of $59 million (£48 million/€54.4 million) for the 2022 fiscal year, with university sport still looking to bounce back from effects caused by the COVID-19 pandemic.

Its revenue generated for the year was $1.14 billion (£926 million/€1.05 billion), according to the audited financial statement.

Increases came from the return of Division I men's and women's basketball tournaments, but insurance purchases to cover the potential cancellation of the tournaments due to COVID-19 cost the organisation too.

Travel and operations for tournaments increased too due to gender-equity initiatives from the NCAA, who are investing more in women's sport.

Despite the loss, as of August 31 2022, the NCAA reported its assets were still worth over $457 million (£371 million/€421 million).

Division I basketball returned in its full form for the 2021-2022 NCAA season ©Getty Images
Division I basketball returned in its full form for the 2021-2022 NCAA season ©Getty Images

The revenue figure for 2022 is a one per cent decrease on the same amount reported for the 2021 fiscal year.

There were net investment losses of more than $72 million (£58.4 million/€66.3 million), which director of accounting Keith Zapp said was consistent with rates of decline in broader stock and bond markets.

Spending increased by over 15 per cent on 2021, with more than half of that going to Division I conferences and universities, to the tune of $657 million (£533 million/€605 million).

The creation of the National Association of Insurance Commissioners cost the organisation $84 million (£68 million/€77 million) on March 1 2022 too, which Zapp said is a "one-time amount keyed to the establishment" of the insurance company.