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Abilene Christian president claims March Madness upset was worth $120 million to school

Plenty were excited about Abilene Christian's upset of No. 3 seed Texas in the first round of March Madness, but none had more reason to celebrate than the people running the school.

That's because beating the state's most popular team in one of the biggest events in sports was apparently worth quite a bit to the school's bottom line. How much? Here's what the school's top decision-maker had to say.

“So far we are close to $120 million plus and we really haven’t had time to tally up the totals,” ACU President Dr. Phil Schubert said in a phone interview from Indianapolis before his school played UCLA on Monday afternoon.