Sounds like a lot of folks on this message board weren't around then, or don't recall, but in 1991, William & Mary announced the decision to cut 4 sports -- Women's Basketball, Wrestling, and Men's and Women's Swimming. It was a cost-cutting measure to save $300,000.
Here's a February 1991 Washington Post article announcing W&M's decision:
https://www.washingtonpost.com/archive/s...d79c4fae3a
Ten days later, The College announced that the 4 sports would be reinstated. Two reasons: avoiding a Title IX related lawsuit, regarding women's basketball and women's swimming; and a groundswell of financial support, much of it from alum in those sports. Here's a Daily Press article from late-February, 1991, about that decision.
http://articles.dailypress.com/1991-02-2...ketball-wm
Then, in 1994, W&M made the decision to cut Wrestling (again), along with fencing.
Here's a '94 Daily Press article about it ...
http://articles.dailypress.com/1994-09-2...g-balanced
Today, many of W&M's non-revenue sports have built their own endowments, to protect themselves from future budget cuts. For example, the Tribe's swimming program has their own endowment of over $2 million, raised from program alum and supporters. I've also heard from former Tribe gymnasts, who have spoken of their program's substantial war chest, raised in large part because of desire to sustain the gymnastics program in perpetuity.