INDIANAPOLIS, Aug. 17 (UPI) -- The NCAA has agreed to a purchase price of $56.5 million for the National Invitation Tournament, ending a four-year court fight between them.
The NIT sued the NCAA in 2001, claiming antitrust violations with regards to the NCAA Tournament. A civil trial started Aug. 1 in New York, but the two sides came to the settlement on Wednesday.
"This is an historic day for men's college basketball," said NCAA President Myles Brand. "The agreement provides the NCAA with an opportunity to better define the college basketball season and to build on the status of the two NIT events. We intend to grow these tournaments to showcase college basketball and the student-athletes who make the game great."
Since 1940, the NIT has been owned by five New York schools -- New York University, Fordham University, Manhattan College, Wagner College and St. John's University. They operate what's called the Metropolitan Intercollegiate Basketball Association.
