Big East Possible Agreement With WVU

[2000bull]

wvu settlement agreement

http://www.wvmetronews.com/content/File/Settlement_agreement_WVU.pdf

[slick1ru2]

Here is the deal in minutia. http://content.usato.../1#.TzxX07S_mvY

Document details West Virginia's $20 million exit fee to Big East

By Steve Berkowitz, USA TODAY

The Big East Conference will receive, or retain, a total of $20 million for allowing West Virginia to leave for the Big 12 Conference later this year, according to the settlement agreement between the conference and the university.

which USA TODAY obtained from WVU in response to an open-records request, says the Big East will:

- Keep the $2.5 million payment the school gave to the conference in October when it announced plans to enter the Big 12.

- Receive a settlement payment of $8.5 million by Friday. But West Virginia "may elect to have a third party make all or any portion" of the payment. The Big 12 may be providing some of that money.

The settlement agreement also provides some detail for at least the initial source of the payment – a memorandum of understanding between the school and the West Virginia University Foundation, Inc., under which the foundation is agreeing to lend the university $10 million and creating what it terms "the Big 12 Transition Fund."

- Keep "all WVU Conference revenue distributions and reimbursements for the 2011-12 seasons retained or to be retained" by the Big East. The settlement forecasts that amount to be $9 million. If that amount turns out to be greater than $9 million, the Big East will give the excess to West Virginia; if that amount turns out to be less than $9 million, the school must pay the shortfall to the Big East.

In addition, West Virginia agreed that it will not be entitled to any distributions from the Big East based on matters that occurred prior to June 30, 2012. That expressly includes any portion of the withdrawal fees paid, or to be paid by Syracuse and Pittsburgh, which had submitted notices of intent to withdraw and move to the Atlantic Coast Conference prior to WVU announcing its plan to leave for the Big 12.

West Virginia also cannot receive any termination or cancellation fee that may be paid by any school that fails to join the Big East; this could apply to TCU, which had been heading to the Big East but instead also decided to join the Big 12.

West Virginia also agreed to "use its reasonable best efforts" to help the remaining Big East schools schedule additional football games for the 2012 season. Specifically, if Pittsburgh or Syracuse make such a request by Wednesday, WVU will "use its reasonable best efforts" to assist those schools in scheduling a game for the 2012 season with a Big 12 school at a date, time and location of the Big 12 school's choosing; WVU would be relieved of this responsibility if another school announces it is joining the Big East in football for the 2012 season.

It was unclear whether Pitt and/or Syracuse had made, or intend to make, such as request.

The Big 12 released its conference schedule on Tuesday, and none of the 10 schools are currently scheduled to play a Big East school.

The foundation that will lend West Virginia the money for Friday's payment is described in the memo as providing "charitable support to supplement funding for the various schools, colleges, departments, and programs of the University, including the Department of Intercollegiate Athletics."

The memo states that $8.5 million will be disbursed at the direction of the university to the Big East Conference. The remaining $1.5 million can be used for purposes "relating to the Transition that are mutually agreed upon in writing by the University and the Foundation."

The memo also states that $5 million of the $10 million will be forgiven and the remaining $5 million is to bear interest.

In describing the rationale for the loan, the memo states: "The University recognizes the importance of a strong intercollegiate athletic program to the overall success of the University, in terms of national recognition, alumni support, fundraising and attraction of qualified students, professors and administrators. ... To further (that) success" WVU is leaving the Big East for the Big 12.

[dabull80]

So what I am reading up there is it is actually more then $ 20 million when you factor in the other things WV is giving up. NICE

[SoFlaEer]

I am curious as to why the deal specifically identifies syracuse and pitt as the schools to assist with B-XII scheduling if they request - they are both bolting too eventually. why the heck woud the BE want to help either of them with a potential OOC matchup with a BCS school? why not specifically help one of the schools who will actually continue to remain in the BE, give them a chance at better exposure on tv or even host a BXII school at home?

[MaltLiquorBull]

I am curious as to why the deal specifically identifies syracuse and pitt as the schools to assist with B-XII scheduling if they request - they are both bolting too eventually. why the heck woud the BE want to help either of them with a potential OOC matchup with a BCS school? why not specifically help one of the schools who will actually continue to remain in the BE, give them a chance at better exposure on tv or even host a BXII school at home?

Maybe the language specific to Pitt and Syracuse is in there because Pitt and Syracuse are bolting the correct way--by honoring the 27 months. Kind of like a reward for not being as big of dicks as WVU.

[SoFlaEer]

I am curious as to why the deal specifically identifies syracuse and pitt as the schools to assist with B-XII scheduling if they request - they are both bolting too eventually. why the heck woud the BE want to help either of them with a potential OOC matchup with a BCS school? why not specifically help one of the schools who will actually continue to remain in the BE, give them a chance at better exposure on tv or even host a BXII school at home?

Maybe the language specific to Pitt and Syracuse is in there because Pitt and Syracuse are bolting the correct way--by honoring the 27 months. Kind of like a reward for not being as big of dicks as WVU.

whether they "honor" the 27 months or not remains to be seen. there are a lot of teams coming into the conference in 2013. i will be extremely surprised if pitt & SU are not gone after this year.

and why do they deserve a reward for leaving, regardless of the circumstances? the schools who deserve a reward are the ones who will still be BE members in 3 years. why shouldnt USF or Cincy get the chance to play a notable OOC game? maybe even host it?

[MaltLiquorBull]

I am curious as to why the deal specifically identifies syracuse and pitt as the schools to assist with B-XII scheduling if they request - they are both bolting too eventually. why the heck woud the BE want to help either of them with a potential OOC matchup with a BCS school? why not specifically help one of the schools who will actually continue to remain in the BE, give them a chance at better exposure on tv or even host a BXII school at home?

Maybe the language specific to Pitt and Syracuse is in there because Pitt and Syracuse are bolting the correct way--by honoring the 27 months. Kind of like a reward for not being as big of dicks as WVU.

whether they "honor" the 27 months or not remains to be seen. there are a lot of teams coming into the conference in 2013. i will be extremely surprised if pitt & SU are not gone after this year.

and why do they deserve a reward for leaving, regardless of the circumstances? the schools who deserve a reward are the ones who will still be BE members in 3 years. why shouldnt USF or Cincy get the chance to play a notable OOC game? maybe even host it?

I don't think they deserve any kind of reward whatsoever. They are a bunch of wankers. I was just taking a guess as to why they were mentioned specifically in the agreement.

[DELdaBull]

20 million?????????? They got off easy.

[macphisto]

I am curious as to why the deal specifically identifies syracuse and pitt as the schools to assist with B-XII scheduling if they request - they are both bolting too eventually. why the heck woud the BE want to help either of them with a potential OOC matchup with a BCS school? why not specifically help one of the schools who will actually continue to remain in the BE, give them a chance at better exposure on tv or even host a BXII school at home?

Maybe the language specific to Pitt and Syracuse is in there because Pitt and Syracuse are bolting the correct way--by honoring the 27 months. Kind of like a reward for not being as big of dicks as WVU.

whether they "honor" the 27 months or not remains to be seen. there are a lot of teams coming into the conference in 2013. i will be extremely surprised if pitt & SU are not gone after this year.

and why do they deserve a reward for leaving, regardless of the circumstances? the schools who deserve a reward are the ones who will still be BE members in 3 years. why shouldnt USF or Cincy get the chance to play a notable OOC game? maybe even host it?

If I'm the Big East, I tell Pitt and Cuse that they must pay the same amount as WVU even if they want to get out a year early. WVU has basically agreed that the Big East 27 month window if enforceable. Booting them from the conference keeps the window enforceable. The precedent is to pay out $20M to leave early now. The Big XII TV deal is richer than the ACC deal is - and the Big XII schools were willing to help because they needed a 10th member.

Marinatto has said he intends to hold Pitt and Cuse. WVU pressed the issue and paid. Pitt and Cuse could do the same, but I'm not sure they are interested in ponying up so much money to buyout early. They could try suing now to open up the door for 2013, but that gives the BE plenty of time to litigate it.

There's also less incentive to let Pitt and Cuse go. With WVU we were facing a scheduling issue with them leaving and an impending deadline that could damage the conference scheduling. Something had to give. With new members coming in, we can allow Pitt and Cuse to breach the contract and see if we can get massive damages for them doing so. Remember, WVU was kicked out and paid. They are free and clear. The tight timeline and issues surrounding both conferences next year caused this (actually, Mizzou really forced it). I doubt the BE is as lenient with Pitt and Cuse, especially with Pitt's people being really two-faced.

[Skingraft]

Does this mean this thread will finally fall to page 3. (｀_´)ゞ