They chose not to do so. Since the students did not receive x percent of the value of the fees, they are entitled to that percentage of the refund.
In fairness, the University could argue that some of the costs are fixed— as in money to maintain the gyms or as funds to support coaches’ salaries. No idea what logic they decide to use as meetings such as these are way too cloaked for a public University. We only get a final decision without a true explanation.
The question is reasonably begged— if students and fans are not allowed to attend events (hopefully does not occur) will students get a refund? Direct purchasers of the tickets will get refunds or may donate their money.