Posted by Chip Patterson
A Big 12 football season without Texas A&M and Missouri began to take shape earlier this month when both the conference and the SEC released their 2012 regular season schedule. The Tigers to the SEC East and the Aggies to the SEC West happened quickly, but the fine print of the transaction required much more work.
On Tuesday, the Big 12 announced their settlement with both schools as they make their official exit in time for the 2012-2013 academic year. Texas A&M and Missouri will no longer be members of the conference effective June 30, 2012. In order to get approval from the Big 12's eight continuing member institutions, some sacrifices needed to be made. For starters, the league will withhold an estimated $12.41 million from the revenues otherwise distributable to each school. You can check out the official wording for Missouri and Texas A&M below:
The Conference will withhold an estimated $12,410,000 from the revenues otherwise distributable to the University. In addition, Missouri agreed that it would waive any claim to any of the benefits received by the Big 12 Conference from its television contract with Fox Sports, scheduled to commence July 1, 2012. Also, Missouri agreed to pay the Big 12 Conference for its share of the actual cost of officiating expenses for 2011-12 athletic year as it has done in previous years, in the approximate amount of $500,000.
Texas A&M's agreement, nearly identical to Missouri's just without the inclusion of the officiating costs.
The Conference will withhold an estimated $12,410,000 from Texas A&M's projected distribution for fiscal year 2012. However, the parties agreed that A&M will receive a portion of the benefit received by the Big 12 Conference from the signing of its television contract with Fox Sports, scheduled to commence July 1, 2012, and certain other concessions.
Big 12 Conference Commissioner Chuck Neinas called both agreements "fair" in their respective releases, and with the final details settled both schools can focus on their future in the SEC.
For all the latest expansion rumors and headlines, check out our Conference Realignment Home.
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Big 12 announces settlement with TAMU, Missouri
Posted on: February 28, 2012 5:38 pm
Edited on: February 28, 2012 5:40 pm