The board extended the program through December 2029 and declared a second-quarter dividend of 36 cents per share.
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Advocates say Vought is "sabotaging" the program by not releasing congressionally appropriated funds.
The plaintiffs in Wednesday's lawsuit are also asking the court to step in and stop any sale of university property, pending further investigation and hearing.
The tournament will be held at Fishers Event Center, the same venue where the Indy Ignite plays its home matches.