SoCal
2/9/2012, 11:32 PM
http://www.dailymail.com/News/breakingnews/201202090205
MORGANTOWN, W.Va. -- West Virginia University and the Big East Conference have reached a conditional agreement to settle their legal battles against one another, a source told the Charleston Daily Mail Thursday evening.
A formal announcement could be made as early as Friday. That is also when the Big 12 is set to release its 2012 conference football schedule, media outlets reported Thursday.
The Big East will make about $20 million from the resolution, with WVU paying $11 million.
The source said the Big 12 would handle the remaining amount and the Mountaineers will enjoy full membership in that conference beginning July 1.
The source said WVU's early exit from the Big East is no longer conditional upon Boise State joining the Big East as a replacement in 2012.
The process of recruiting Boise State had been an obstacle standing in the way of a resolution.
One of the reasons the Big East has been fighting the lawsuit is the fact that it's incoming members aren't scheduled to join the conference until 2013 -- which would leave a gap in schedules if WVU left this year.
If Boise State could be swayed to join the conference a year early, it would mitigate some of the financial damage suffered by the Big East following WVU's departure.
However, it appears the case will proceed regardless of Boise State's decision.
Sources told the Daily Mail Wednesday WVU was nearly finished negotiating an agreement in which the university would pay a "cash settlement" of $11 million to complete its exit from the Big East to the Big 12 Conference this year.
On Thursday, a source close to the negotiations said the additional $9 million would come in the form of contributions from other Big 12 member schools.
In that proposed scenario, WVU's $11 million payment would cover three things: The Big East's $5 million exit fee, Boise State's $5 million buyout fee, and $1 million to match what each Big 12 school is paying.
That would raise the total value of the settlement to $20 million.
A source also said Thursday afternoon Big East executives had approved WVU's proposal to resolve the case, as lawyers worked to hash out the final details of the resolution.
MORGANTOWN, W.Va. -- West Virginia University and the Big East Conference have reached a conditional agreement to settle their legal battles against one another, a source told the Charleston Daily Mail Thursday evening.
A formal announcement could be made as early as Friday. That is also when the Big 12 is set to release its 2012 conference football schedule, media outlets reported Thursday.
The Big East will make about $20 million from the resolution, with WVU paying $11 million.
The source said the Big 12 would handle the remaining amount and the Mountaineers will enjoy full membership in that conference beginning July 1.
The source said WVU's early exit from the Big East is no longer conditional upon Boise State joining the Big East as a replacement in 2012.
The process of recruiting Boise State had been an obstacle standing in the way of a resolution.
One of the reasons the Big East has been fighting the lawsuit is the fact that it's incoming members aren't scheduled to join the conference until 2013 -- which would leave a gap in schedules if WVU left this year.
If Boise State could be swayed to join the conference a year early, it would mitigate some of the financial damage suffered by the Big East following WVU's departure.
However, it appears the case will proceed regardless of Boise State's decision.
Sources told the Daily Mail Wednesday WVU was nearly finished negotiating an agreement in which the university would pay a "cash settlement" of $11 million to complete its exit from the Big East to the Big 12 Conference this year.
On Thursday, a source close to the negotiations said the additional $9 million would come in the form of contributions from other Big 12 member schools.
In that proposed scenario, WVU's $11 million payment would cover three things: The Big East's $5 million exit fee, Boise State's $5 million buyout fee, and $1 million to match what each Big 12 school is paying.
That would raise the total value of the settlement to $20 million.
A source also said Thursday afternoon Big East executives had approved WVU's proposal to resolve the case, as lawyers worked to hash out the final details of the resolution.