Story highlights The team is under investigation by the NCAA

A booster says he showered players with gifts

The self-imposed bowl ban "is a necessary step for our university," the school says

The University of Miami announced Sunday that it is barring its football team from bowl consideration this year as it remains under investigation by the NCAA over allegations that a booster showered dozens of players with cash and jewelry, and supplied prostitutes for players.

"We understand and share the disappointment that our student-athletes, coaches, staff, supporters and fans are feeling but after lengthy discussions among university leaders, athletic administrators and outside counsel, it is a necessary step for our university," a statement released by the school said.

With their sixth win Saturday against the University of South Florida, the Hurricanes became bowl-eligible under NCAA requirements. However, as a result of the self-imposed ban, the team will play its final game of the season Friday vs. Boston College.

The Hurricanes community has been rocked since August by allegations leveled by Nevin Shapiro, a onetime Miami businessman serving a 20-year federal prison term for fraud.

Shapiro told Yahoo Sports this summer that he showered dozens of Miami players with cash and jewelry, paid restaurant and nightclub tabs and supplied prostitutes over an eight-year period -- and that several coaches were aware of the activity.

Shapiro was arrested in 2010 on charges of overseeing a Ponzi scheme that prosecutors determined totaled $930 million. He pleaded guilty to securities fraud and money laundering in September, and his accusations against Miami were part of his agreement to cooperate with prosecutors, his lawyer told CNN in August.

The statement released Sunday said the university will "continue to work cooperatively with the NCAA on the joint inquiry to determine the true facts."