Before the game in Chicago, head coach Bill Self released a statement about the situation.
"On Saturday, Billy was involved in a single-vehicle incident on-campus. There were no injuries but Billy's car sustained damage. After I learned about the incident, I reported it to our administration. The administration determined that we needed a clearer financial picture specific to the vehicle, we decided to hold him out of tonight's game and will continue to do that until the review is complete."
"Billy was informed right before our pre-game meal. Needless to say he was disappointed and crushed. He was very excited to make his KU debut. We hope to have the situation resolved as soon as possible."
The highly-recruited Preston missed Friday's season-opening win against Tennessee State after he missed curfew and didn't attend class on Friday.