Report: Rutgers to pay AAC $11.5 million exit fee
Rutgers will pay the American Athletic Conference $11.5 million before leaving for the Big Ten this summer.
Divorces can be expensive, and the one between Rutgers and the American Athletic Conference is no exception.
It was announced on Wednesday by both the conference and the school that they had come to an agreement on Rutgers' departure to the Big Ten this summer.
“I am pleased to announce this agreement and I want to thank Athletics Director Julie Hermann for her leadership and efforts in completing it,” said AAC commissioner Mike Aresco in a release. “We wish Rutgers University well and appreciate the contributions the University has made to our Conference over the years. Having enjoyed an extremely successful inaugural football season and being in the midst of an equally successful basketball campaign, it is clear that we have forged a strong Conference. We look forward to welcoming East Carolina University, Tulane University and the University of Tulsa in 2014 and the United States Naval Academy in 2015.”
While the release did not include financial details, according to a report from ESPN.com's Brett McMurphy, the exit fee will be $11.5 million. A fee that is slightly larger than the $11 million Louisville paid the conference when it left for the ACC.
Rutgers will officially become a member of the Big Ten on July 1, 2014. The American Athletic Conference will replace both Rutgers and Louisville with East Carolina, Tulane and Tulsa. Navy is scheduled to join as a football-only member in 2015.
Lott is joined by three current athletic directors and will serve a three-year term
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