Blog Entry

Big East, WVU reach $20M settlement

Posted on: February 9, 2012 10:00 pm
Edited on: February 10, 2012 9:41 am
 

West Virginia and the Big East Conference have reached a verbal agreement that would compensate the Big East $20 million and allow the Mountaineers to join the Big 12 Conference this season, college football industry sources told CBSSports.com.

On Wednesday, CBSSports.com first reported the Big East Conference and West Virginia were nearing a settlement of at least $20 million that would resolve all issues between the two parties. That settlement was reached one day later.

"It probably will be officially done [on Friday]," a source told CBSSports.com.

The Charleston Daily Mail first reported Thursday night that West Virginia and the Big East had reached a $20 million “conditional agreement.” West Virginia must pay the Big East $11 million and the Big 12 Conference would be responsible for the remaining $9 million, the Daily Mail reported. Acting Big 12 commissioner Chuck Neinas said recently the Big 12 would consider assisting the Mountaineers with their exit fees, if they asked.

It’s unknown if the $20 million is in addition to, or includes, the $5 million exit fee that West Virginia initially paid when it announced in October it was withdrawing from the Big East to join the Big 12 in 2012 and would not honor the league’s 27-month notice requirement before leaving.

Besides the $11 million it must pay the Big East, West Virginia also owes Florida State $500,000 after last week canceling a Sept. 8 game in Tallahassee. FSU athletic director Randy Spetman told the Orlando Sentinelhis school might also seek liquidated damages against WVU if a comparable opponent can not be found.

Last week the Big 12 Conference indicated it had provided its television partners with its 2012 football schedule and that West Virginia was on it. The league also is expected to release the schedule to the public on Friday.

CBSSports.com previously reported that West Virginia officials had contacted future Big East members to see if one could join the Big East in 2012, instead of 2013, to lower the amount of financial hardship to the league and also likely reduce the amount of West Virginia’s settlement with the league.

The Daily Mail reported that West Virginia’s $20 million settlement would not increase if the Big East is unable to find a replacement for the Mountaineers this fall.

Boise State is the most likely candidate to join the Big East a year early. Sources told CBSSports.com that Boise State has had discussions with the Western Athletic Conference to determine if its Olympic sports teams could join the WAC in 2012 so the Broncos’ football program could join the Big East this fall.

Boise State would have to pay the Mountain West about $7 million to $9 million to join the Big East in 2012, instead of 2013. Last week, Boise State president Bob Kustra told the Idaho Statesman it was "too late" for the Broncos to join the Big East in 2012. However, sources said they were skeptical of Kustra's comments and believe Boise State will be playing in the Big East this fall.

On Wednesday’s teleconference to announce Memphis as the Big East’s newest member, Big East commissioner John Marinatto would not comment on if the league would have a new team added for 2012 or when he expected the issues between the league and West Virginia to be resolved.

With the legal issues behind them, the Mountaineers officially will join the 10-team Big 12 Conference on July 1 along with TCU. The remaining Big 12 members are: Baylor, Kansas, Kansas State, Iowa State, Oklahoma, Oklahoma State, Texas and Texas Tech.

Comments

Since: Nov 3, 2006
Posted on: February 10, 2012 12:58 pm
 

Big East, WVU reach $20M settlement

W
VU is paying 11 million to join a conference that will pay them revenues of 10+ million a year in revenues, each and every year, more than the Big East can. In 10 years WVU will net more than $100 million dollars more in revenue. That's not small change. It does suck for fans who want to go on road trips and the travel time of the athletes, but this country is all about the money anymore.

Good post! It is sad that it's become all about the money but we've been trending this way for a couple decades now thanks to the BsCS deal. Some folk are knocking WVU for doing this but WVU is just playing by the rules like others are. I doubt there are many schools who if forced into the situation WVU was in that would not have done the same thing.  They had a choice, stay mired in a failed league with TV and bowl revenues that pale in comparision to what the Big 12 offered, or make a hard choice to move to a bigger and better league.  And WVU fans will travel, they have always been known for this. I'm a long time season ticket holder who typically did NOT travel to many away games other than sPitt and bowl games previously but I am planning trips now to travel to Texas, Oklahoma, because the level of opponent warrants dishing out the cash. It really isn't much more money to travel to Oklahoma than it is to fly to places like Louisville or Cincinnatti or South Florida. And not slighting those schools, I loved when we played them and I really hope we see them in the BXII soon.  But I will definitely lay out the greenbacks to go see a battle between WVU and the Sooners or Longhorns over the previous venues.  



Since: Oct 6, 2009
Posted on: February 10, 2012 12:45 pm
 

Big East, WVU reach $20M settlement

WVU is paying 11 million to join a conference that will pay them revenues of 10+ million a year in revenues, each and every year, more than the Big East can. In 10 years WVU will net more than $100 million dollars more in revenue. That's not small change. It does suck for fans who want to go on road trips and the travel time of the athletes, but this country is all about the money anymore.



Since: Jul 9, 2010
Posted on: February 10, 2012 12:43 pm
 

Big East, WVU reach $20M settlement

WVU/AX.........Yes, pinhead I'm aware there are two states.  You did not read the POST prior to my POST, to really understand what I was talking about num nutts !  Duh !  GOOD LUCK TO WVU though !



Since: Nov 10, 2006
Posted on: February 10, 2012 12:42 pm
 

Big East, WVU reach $20M settlement

The Big 12 needs at least 10 teams or forfeit some of their tv money so it's no surprise that they would be willing to step in a forge a compromise between WVU and the Big East as long as the Mountaineers joined the Big XII in time for this upcoming football season.



Since: Nov 3, 2006
Posted on: February 10, 2012 12:40 pm
 

Big East, WVU reach $20M settlement

Don't know how people figure Boise is an upgrade, nothing meant against them but they hardly have the football or basketball pedigree WVU has. Boise is definitely the best option left out there for BE expansion and a good get for the BE.

And it is WVU, not UWV.  



Since: Oct 6, 2009
Posted on: February 10, 2012 12:33 pm
 

Big East, WVU reach $20M settlement

Not WVU, the additional revenue from the Big 12 will repay them in about 1-2 years.



Since: Dec 3, 2006
Posted on: February 10, 2012 12:27 pm
 

Big East, WVU reach $20M settlement

Wow.  $20 million and a football upgrade with Boise State, all for a team leaving anyway?  Who's losing out, the Big East or UWV?



Since: Nov 3, 2006
Posted on: February 10, 2012 12:23 pm
 

Big East, WVU reach $20M settlement

Wow, a positive post from JoMtneer.  I didn't think that was possible.



StuckinNJ, if you looked at my posts, most are positive.  However, I tire of idiot haters who rant on WVU and bring no facts to the discussion.  I will call them out in turn.  That is perceived as insulting to some, which I do not care a whit about. It is a free message board.  Idiots are free to post, and I am free to point out the idiots.  Glad to see you avoided a personal attack on me for a change.



Since: Nov 3, 2006
Posted on: February 10, 2012 12:20 pm
 

Big East, WVU reach $20M settlement

A wholehearted welcome to the Big 12! Now, let's stert working on some regional competition for you. Just out of curiosity, which two universities would West Virginia fans most like the Big 12 to add for some reasonably local competition? Realistic choices, of course. I understand that both Clemson and Florida State are in active talks with the Big 12 and Louisville was a photo finish with West Virginia for the 10th slot. Any suggestions?


USBummer I believe the consensus you would find among WVU fans would be to add Cincinnatti and/or Louisville to the Big 12.  And we'd like to see the Backyard Brawl with sPitt continue somehow but they're moving to the ACC and that will be tough.  I'd say Louisville has the inside track if the Big 12 indeed does look to add someone else from the Big East since they were in the mix when WVU got the invitation.  



Since: Dec 1, 2008
Posted on: February 10, 2012 12:16 pm
 

Big East, WVU reach $20M settlement

Wow, a positive post from JoMtneer.  I didn't think that was possible.


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