Correction: NCAA-Finances story

In a story March 7, The Associated Press reported erroneously that the NCAA would earn $869 million this year from its deal with CBS and Turner for the men’s basketball tournament. The correct revenue is $857 million, with $75 million being placed in escrow until 2025.

A corrected version of the story is below:

NCAA passes $1 billion in revenue, surplus of $105 million

The NCAA surpassed $1 billion in revenue for the first time last year, most of which came from its television deal for the men’s basketball tournament, and distributed $560.3 million to Division I schools

The Associated Press

The NCAA surpassed $1 billion in revenue for the first time last year, most of which came from its television deal for the men’s basketball tournament, and distributed $560.3 million to Division I schools.

The NCAA released Wednesday its audited financial statement for September 2016 to August 2017. The media rights deal with CBS and Turner for the tournament was worth $761 million. That increases this year to $857 million, with $75 million placed in escrow until 2025.

The NCAA also was paid $35.75 million from ESPN. The NCAA does not make anything from major college football and the College Football Playoff media rights. Those deals are struck with conferences.

The NCAA listed $956 million in total expenses leaving it with a surplus of 105.1 million. The previous year, the NCAA reported $995 million in revenue.