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A major overhaul is needed at USA Gymnastics because nothing else has worked. USA TODAY Sports' Nancy Armor explains how they got here.
USA TODAY

USA Gymnastics expects to pay between $ 75 million and $ 150 million for victims of larry nassar's sexual abuse.(Photo: Kyle Terada, USA TODAY Sports)

USA Gymnastics expects to pay between $ 75 million and $ 150 million for victims of larry nassar's sexual abuse.

USAG has been in mediation talks with Nassar's victims since the spring. In May, Michigan State University agreed to pay $ 500 million in settlements to more than 330 women who were victims of Nassar's abuse.

Approximately 220 gymnasts who say Nassar abused them in Michigan and California, naming USAG as a defender. There are two lawsuits filed against USAG in Texas.

USAG noted that the litigation in Michigan and California is being mediated as a consolidated group. The USAG expects that a potential settlement of the claims would be covered by insurance. U.S. noted, USAG noted.

An investigation by the Ropes & Gray law firm also could affect any settlement. The Gymnastics of the United States is about to be abused and does not report them, as well as to make it more difficult.

more: 'Missing' USA Gymnastics records may have been found in Indianapolis

Sports Business Daily reported on USAG's financial statements Thursday.

In April, USAG filed a lawsuit against its insurers in Nassar.

The latest financial statements were released on the same day as the New York Times reported that USAG's headquarters in Indianapolis. The documents may be relevant to the investigation into Nassar, who is serving an effective life sentence after pleading guilty to federal child pornography charges and state charges of sexual abuse.

Monday the United States Olympic Committee took steps to strip USAG of its recognition as the national governing body of the sport.

USAG lost all of its sponsors in the wake of the sexual abuse scandal. In 2017, total assets for USAG and its foundation were $ 108 million.