Catholic 7 Want To Go...NOW

[slick1ru2]

I expect a huge chunk going to attorneys. And they need to rewrite the bylaws to get the school presidents out of the decision making process and put someone in who knows what the are doing.

[Reliable Source]

I expect a huge chunk going to attorneys. And they need to rewrite the bylaws to get the school presidents out of the decision making process and put someone in who knows what the are doing.

They prolly have counsel on retainer and none of the legal actions ever got past filing. No way that there are huge fees. This isn't PI claim work. The reason you settle these is so that you DON'T rack up big legal bills.

 

Just found this. I think it backs up a lot of what I collected independently, from a lot of sources.Two things i didn't account for are the "Entry Fees" for incoming members at $2.5MM per team and some offset to the Sisters of The Poor Football from exit fees already collected. prolly still another Net plus to the current full voting rights members of the BE, The Unholy Trinity.

 

Big East-Catholic 7 documents note $68.8 million in realignment funds

By Jeremy Fowler | College Football Insider

February 1, 2013 3:07 pm ET

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The Big East and the "Catholic 7"

basketball schools have much to hash out in their divorce, and among the

assets for the conference to protect: a “Realignment Reserve Fundâ€

worth a projected $68.8 million by 2020, documents show.

The

“Mutual Commitment Agreement – Initial Separation Issues List,†sent by

Big East attorney Peter Zern to commissioner Mike Aresco and three Big

East presidents on Dec. 21, highlights ground rules for a departure that

one Big East source says could take all of 2013 to finalize.

The

Catholic 7 -- composed of DePaul, Georgetown, Marquette, Providence,

Seton Hall, St. John's and Villanova -- announced plans to separate from

the Big East on Dec. 15.

Obtained through a public records

request of email correspondence of USF president Judy Genshaft, a Big

East chair, starting Dec. 10, the MCA spells out several questions about

the timing of the separation (scheduled July 30, 2015), the Big East

namesake, the licensing agreement at Madison Square Garden and other

“relative property†to sort out.

Though the documents don't

provide answers to the questions, they highlight the Big East's

financial intake from the mass departures during the recent waves of

conference realignment, including:

• Approximately $18.8

  million in exit fees “on deposit in the Realignment Reserve Fund†by

  June. (Fees from West Virginia, Texas Christian and a portion of what

  Pitt/Syracuse owe.)

   

• Approximately $25 million more in

  the RRF by June 2018 (rest of Pitt/Syracuse fees, and balances from

  Louisville and Rutgers, which is in litigation with the conference. In

  October 2011, the Big East reportedly doubled its exit fee amount to $10

  million).

   

• Approximately $25 million in entrance fees from 10 incoming members running to 2020. (This was before Boise State and San Diego State

  returned to the Mountain West Conference. Boise owes a $2.5 million

  exit fee, which also covers SDSU since the two came in as West Coast

  partners.)

The documents also mention the league's “Football

Reserve Fund†and a “Conference Reserve Fund,†which will be

distributed to the Catholic 7 pro rata based on the number of members in

the group. Numbers for those funds weren't listed.

“Because it is

anticipated that a number of the expenses associated with Conference

realignment and the Conference's re-building efforts will be paid from

the amount on deposit in the Realignment Reserve Fund, and because the

final amounts to be paid into the Realignment Reserve Fund have not yet

been agreed upon with some of the departing institutions, please

indicate the proposed allocation for both of these sources of money as a

percentage (not a dollar amount) below:â€

Then the document lists the same breakdown of exit fees and entrance fees as listed above.

The

documents state the Big East retains NCAA units from West Virginia,

Syracuse, Pitt and Louisville, worth roughly $50 million over a

nine-year period.

CBSSports.com has left messages for Zern and Catholic 7's lawyer, Joe Leccese, seeking comment.

Big

East Commissioner Mike Aresco was not immediately available for comment

but said in a Jan. 14 interview about the divorce: “We want to sit down

and amicably hash it out.â€

A sample of questions the agreement asks of the Catholic 7:

• “Would you be amenable to an earlier separation date?â€

   

• â€If so, what is the earliest date you would consider?â€

   

• “Would you be amenable to allowing the other group of schools to retain the Big East name under appropriate conditions?â€

   

• “Would

  you consider a change in format that might allow both groups to hold a

  shorter tournament at (Madison Square Garden), or would you consider

  other potential alternatives (such as alternating years with the other

  group at MSG)?â€

The MSG agreement currently runs to 2026.

The

agreement warns that litigation issues with withdrawing Big East

football members (such as Rutgers) may arise that could affect the

separation of the Catholic 7. If that happens, the counsel will

coordinate with each group.

Zern's email was sent to Aresco,

Genshaft, Southern Methodist president Gerald Turner and San Diego State

president Elliot Hirshman, who had been appointed to join a “small

negotiating team†for the separation. Hirshman's Aztecs officially left

the conference 26 days later.

The email says both groups have

flexibility to retain or transfer the Big East name without harming NCAA

men's basketball automatic qualification status.

In a separate

email Dec. 24, Zern reached out to Big East presidents and athletic

directors about the league's understanding that Notre Dame “reached out

directly to the group of seven basketball schools to discuss the timing

and terms for Notre Dame's departure.â€

“Mike (Aresco) intends to

send a letter to the basketball schools today in order to make sure the

record and facts are clear regarding the discussions with Notre Dame and

their obligations to the conference,†Zern wrote.

Zern urged members to keep information about Notre Dame confidential as “any discussions with them are extremely sensitive.â€

Notre

Dame reached an agreement to join the ACC in September, but Big East

bylaws require 27 months notice before leaving. That would keep Notre

Dame in the league until 2015.

In a text message, Notre Dame

athletic director Jack Swarbrick said the email “reflects our interest

in understanding what the Catholic 7 are thinking in terms of a

timetable. Risk we are trying to manage is the possibility that they

leave earlier than expected.â€

The league was working to schedule meetings with Catholic 7 reps for late January, according to Genshaft's emails.

 

http://www.cbssports.com/general/blog/jeremy-fowler/21628062/big-east-catholic-7-documents-note-688-million-in-realignment-funds

Edited February 28, 2013 by Bullwinkle

[slick1ru2]

Council on retailer? To do a conference exit? Bwhahahaha. They might have an hourly cap, but the bill is going to be huge

[Joe]

Gotta remember the MSG contract is up for grabs too. The settlement money is gonna be worth $40MM or thereabouts. Value to the seven. 1 year of TV Contract= $40MM. Name value= About $20MM and MSG contract unfettered= $10MM. They can prolly pay it out of this years NCAA money. USF, Cincy and UConn(only full rights voting member with control of the cash) are gonna be sitting on a pile of cash at that point. They already have

WVU= $20MM

Syr= $7.5MM

Pitt= $7.5MM

UL= $10MM+ additional for early exit

Rut= $10MM+ additional for early exit

TCU= Backout fee of $5MM

BSU= Backout fee of $5MM

SDSU= Free backout cause BSU backed out.

Total= equals $65MM and counting. This conference realignment is becoming a lucrative business.Let's say I'm overly optimistic about recovery from the Nuns in the NE, half my estimate is $20MM plus $65MM split 3 ways.

THAT's $28MM each for Cincy, UConn and USF.

makes it worth waiting a little bit to let the dust settle, eh?

It will be a lot of money coming our way, but not that much, and it will be paid over several years.

In the end, its nowhere near the value of having those teams stick around.

[Hem]

Here's to hoping we can take the money and run! Maybe Judy is setting us up for an epic trolling of the Big East, I can dream right?

[Jewbull]

Gotta remember the MSG contract is up for grabs too. The settlement money is gonna be worth $40MM or thereabouts. Value to the seven. 1 year of TV Contract= $40MM. Name value= About $20MM and MSG contract unfettered= $10MM. They can prolly pay it out of this years NCAA money. USF, Cincy and UConn(only full rights voting member with control of the cash) are gonna be sitting on a pile of cash at that point. They already have

 

WVU= $20MM

Syr= $7.5MM

Pitt= $7.5MM

UL= $10MM+ additional for early exit

Rut= $10MM+ additional for early exit

TCU= Backout fee of $5MM

BSU= Backout fee of $5MM

SDSU= Free backout cause BSU backed out.

 

Total= equals $65MM and counting. This conference realignment is becoming a lucrative business.Let's say I'm overly optimistic about recovery from the Nuns in the NE, half my estimate is $20MM plus $65MM split 3 ways.

 

THAT's $28MM each for Cincy, UConn and USF.

 

makes it worth waiting a little bit to let the dust settle, eh?

 

I am sure Doug will figure out how to give himself a raise for the BS job he's done since becoming AD

[smazza]

amen

 

 

 

Everybody can leave this July, for $50 million each. Bye-bye!

[Quo Vadis]

If they want to go early and take the name with them, fine. For a hefty price.

 

I also hear a lot of whining from the incoming schools like SMU, Houston, UCF, and ECU about how "unfair" it is that we get those exit fee dollars while they don't. Tough cookies.

[hm101]

the big priest will get 40m a yr for a 10 school league. I say we play the hardest ball we can play and get as much out of them we can, in terms of either delaying their party, or getting the maximum dollar. 

 

Oh, and to hell with the newbies. 

[Hem]

@McMurphyESPN: Catholic 7 schools will keep Big East name, expect to begin new league this fall, sources tell @ESPN

@McMurphyESPN: Even though Big East will change name, league football champ still gets automatic BCS bowl berth this year

@JFowlerCBS: ESPN will have to market new name for (old) Big East, which, if deal structured like NBC's, could cost league $2M http://t.co/DpaXaobyl7

Fowler even included USF this time, what a nice guy.

Edited March 1, 2013 by Hem