Iowa cutting men's gymnastics, men's tennis, men's and women's swimming and diving

The University of Iowa announced Friday that it will cut four sports as it continues to grapple with the financial ramifications of the coronavirus pandemic.

Men's gymnastics, men's tennis and men's and women's swimming and diving will be discontinued at the end of the 2020-21 academic year.

The decision was reached as the school is projecting a revenue deficit of $60-75 million this fiscal year, according to an open letter from university president Bruce Harreld and athletic director Gary Barta.

"A loss of this magnitude will take years to overcome," the letter said. "We have a plan to recover, but the journey will be challenging."

The cancellation of the men's basketball tournament saw the NCAA revenue distribution to schools and conferences cut some 60%. On Aug. 11, the Big Ten announced that it would be postponing all fall sports, including football.

"With the recent postponement of fall sports and immediate financial impact due to this decision, we believe this path is necessary to strengthen athletics and position our programs for future success with the resources we have," the letter said.

Existing scholarships in the four discontinued sports will be honored by the university, as well as the contracts of affected coaches.

Numerous athletic programs across the country have been cut since the onset of the pandemic. In July, Stanford, which had one of the most robust athletic offerings in the country, cut 11 varsity sports.