SBD/July 19, 2012/Colleges

Following Suit: Pitt Joins 'Cuse In Agreeing To Pay Big East $7.5M For Early Exit To ACC

Pitt will generate the additional $2.5M fee from revenue made in moving to ACC
Following Syracuse Univ.'s Monday announcement, the Univ. of Pittsburgh also will “join the ACC on July 1, 2013, and will pay a total" of $7.5M to exit the Big East Conference, according to Ray Fittipaldo of the PITTSBURGH POST-GAZETTE. Pitt is leaving "under the same terms” as SU, and will pay an additional $2.5M to leave one year early. Pitt AD Steve Pederson and former Big East Commissioner John Marinatto “were discussing a settlement this spring, but things became difficult after Marinatto resigned.” Shortly after Marinatto's departure, Pitt “filed a lawsuit against the Big East with the goal of getting out a year early.” The additional $2.5M “is expected to be generated from the revenue made from moving to the ACC” (PITTSBURGH POST-GAZETTE, 7/19). Pederson said that the filing of the suit “served its purpose.” Pederson: “We can be reasonably certain the lawsuit became the catalyst for bringing this to a conclusion. In the end, everybody benefited in the process. That helped get the conversation moving in a positive direction, and it was our hope all along to reach an agreement like this” (PITTSBURGH TRIBUNE-REVIEW, 7/19).

FROG BRIGADE: BLOOMBERG NEWS’ Schoenberg & Gullo report the Big East “ended its lawsuit accusing Texas Christian University of reneging on an agreement to join the college sports organization when it instead signed on with the Big 12.” A federal court filing in DC stated that the conference moved to dismiss the case "with prejudice, meaning it can’t bring a new lawsuit on the same subject.” The Big East’s attorney Benjamin Block “didn’t give a reason for dismissal in the filing” (BLOOMBERG NEWS, 7/19).
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