Team spokesman Tom Wywrot emailed reporters describing the incident at Willow Run Airport, about 15 miles from the campus in Ann Arbor. Michigan faces Illinois in the Big Ten Tournament on Thursday in Washington, D.C.
Wywrot says the takeoff "was aborted" on a day marked by high winds and "after strong braking," the plane slid off the runway and "sustained extensive damage."
The team manager tweeted a brief video suggesting the plane skidded through a fence, across an access road and off a low embankment.
Wywrot said everyone aboard was safely evacuated and alternate travel arrangements were being made.
The FAA is investigating the incident.
The Associated Press contributed to this report.