A former official with the State Farm Holiday Classic is under suspicion of stealing from the nonprofit organization that runs the annual high school basketball tournament in Bloomington-Normal.
The exact amount of missing money could not immediately be confirmed. Tournament officials confirm in a statement that they have notified law enforcement officials of "suspected unauthorized, inappropriate, or fraudulent transactions resulting in the loss of significant tournament revenue over a two-year time frame."
“We are fully cooperating with the investigative process, including pursuing an independent forensic audit. When we are able, we will be transparent about the results of the investigation and audit to all of our key stakeholders, including sponsors, partners, participating schools and teams, committee members and volunteers, and the community,” said the statement from Classic Tournament Inc.
Bloomington Police confirm a police report was filed Aug. 20, 2024. McLean County State’s Attorney Erika Reynolds said she is not in a position to speak about pending allegations.
Bloomington Police denied WGLT's public records request for the report, citing on ongoing investigation.
The group of community volunteers who organize and operate the tournament declined to say more because of an "active and ongoing investigation."
“We have made necessary adjustments, and the organizing committee was able to successfully host the 2024 State Farm Holiday Classic. We look forward to continuing to bring The Best Basketball this side of March to the Bloomington-Normal community,” said the committee.
Expenses from this year’s tournament are still being finalized. Classic president Kurt Gibson, who took the position this fall, said those will be approximately $125,000.
“About 55% of revenues for the tournament come from ticket sales; 45% come from sponsorships, other donations, and streaming,” he said.
“The tournament will meet all its financial obligations for the 2024 tournament,” said Gibson.
The tournament lowered costs this year by reducing the number of games played by teams in the losers’ bracket from four to three. Coaches had requested that change for some years.
The Classic, played annually the week after Christmas, began in 1975. Billed as one of the largest co-ed high school basketball tournaments in the country, it hosts 64 teams with games played at Illinois Wesleyan University along with Bloomington, Normal Community and Normal West high schools.
Since 1999, State Farm has been the title sponsor, according to the Classic’s website. The organization also has given college scholarships to some graduating seniors who participated in the classic.
