Virginia Tech could lose up to $240 million because of virus

Virginia Tech could lose up to $240 million because of virus
University President Tim Sands said in a statement Sunday that there will be an estimated $50 million to $67 million drain during the spring and summer semester. (Source: Virginia Tech/Facebook)

BLACKSBURG, Va. - Virginia Tech has announced it could lose millions in revenue during the coming months as a result of the coronavirus pandemic.

University President Tim Sands said in a statement Sunday that there will be an estimated $50 million to $67 million drain during the spring and summer semester.

Sands says the financial hit the school is taking from canceled sports events, housing and other revenue streams is bound to make it a challenging year.

He says the university is estimating to lose an additional $48 to $240 million in the fall.

School officials will announce in early June if there will be tuition increases.

(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)