Hofstra eliminated its football team in order to “redirect resources toward academic initiatives and need-based scholarships,” President Stuart Rabinowitz announced Thursday.

Hofstra will continue to compete in 17 other Division I sports. The board of trustees recently concluded a two-year study of the athletics program, and support for the cut was unanimous among trustees. The board approved the decision Wednesday and it was effective immediately.

While the decision was financial, Rabinowitz said it was not due to budget reductions but rather to dedicate resources toward improving academic programs and to plan for the school’s future.

 “The cost of the football program, now and in the future, far exceeds the return possible from an FCS program, which does not generate significant national interest,” he said. “Given that, along with the low level of interest, financial support and attendance among our students, our alumni and the community, the choice was painful, but clear.

 “In the long run, we can touch and improve the lives of more students by investing in new and enhanced academic initiatives and increasing funds for need-based scholarships."

Hofstra will honor all financial aid commitments to current team members and will release those who wish to transfer. The school will also honor the contract of coach David Cohen and assist all assistant coaches in their transition.

Officials estimate that $4.5 million will be redirected to fund new faculty lines, academic programs and need-based scholarships. The Hofstra decision follows closely the same choice made by Northeastern, which is expected to impact the Colonial Athletic Conference.

The Pride finished the 2009 season 5-6, closing with a 52-38 victory over Massachusetts on November 21.

The university began playing football in 1937. In 1991, the Pride reclassified from Division III to Division I. The school belongs to the Colonial Athletic Association.