stever20
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Split official
From the Big East Conference:
Big East Conference Commissioner Mike Aresco today announced that after several weeks of cordial and professional discussions, a definitive agreement has been reached that will enable a mutually-beneficial separation of some of the league’s current members and allow an orderly formation of a new conference by the seven basketball schools. The separation will become effective on July 1, 2013.
The agreement, which remains subject to formal Board approval, contemplates continued cooperation and playing opportunities between the conferences.
“I am pleased that this agreement has been reached,” said Aresco. “With the long-term well-being of our outstanding institutions and their student-athletes of paramount importance, each group worked through a number of complex issues in an orderly, comprehensive and amicable manner marked by mutual respect. We part ways as friends and colleagues and look forward to the success of both conferences.”
The Presidents of the seven basketball universities released the following statement regarding their formal separation: “We are grateful to Commissioner Michael Aresco for spearheading an agreement that truly represents the best path forward for each of our great institutions and the thousands of student-athletes who compete for our schools annually. It is a great credit to Mike, our colleagues, and all involved that we were able to work through a host of highly complex and time-sensitive issues in such a short period of time. We are pleased that we reached this amicable and mutually-beneficial separation by approaching each issue with a spirit of cooperation and shared respect.”
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03-08-2013 12:20 PM |
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HawaiiMongoose
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RE: Split official
Very nice. Now let's all sing Kumbayah.
You would think there would at least be a mention of how the conference naming issue is being handled.
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03-08-2013 12:36 PM |
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firmbizzle
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RE: Split official
Now time to destroy the BE if they don't pay up.
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03-08-2013 12:38 PM |
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stever20
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RE: Split official
(03-08-2013 12:36 PM)HawaiiMongoose Wrote: Very nice. Now let's all sing Kumbayah.
You would think there would at least be a mention of how the conference naming issue is being handled.
I'd kind of think you'll see a 2nd press release later today from the bball schools quite frankly handling that quite frankly.
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03-08-2013 12:38 PM |
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nickp
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RE: Split official
The seven Catholic schools that are leaving to form a basketball-centric conference
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03-08-2013 12:41 PM |
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UHCougar
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RE: Split official
Let the Freedom of Information Act filings commence . . .
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03-08-2013 12:46 PM |
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SuperFlyBCat
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RE: Split official
(03-08-2013 12:46 PM)UHCougar Wrote: Let the Freedom of Information Act filings commence . . .
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03-08-2013 01:02 PM |
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Wedge
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RE: Split official
Interesting item in McMurphy's article
http://espn.go.com/college-sports/story/...st-june-30
Quote:The Catholic 7 group, besides the Big East name and the right to hold its tournament in Madison Square Garden, also will receive about $10 million of an estimated $110 million in exit fees collected by the Big East the past few years, sources said.
Of the remaining $100 million, $15 million will go to lawyers' fees and consultants, sources said. That leaves about $85 million to be distributed between the remaining members and incoming members. How that money will be divided is still being determined with holdovers Connecticut, Cincinnati and South Florida expected to receive the biggest percentage.
UConn/Cincinnati/USF still get the biggest slices of the pie, but other than them... the lawyers and consultants take more money than the entire C-7 and more money than the entire incoming group of FB schools.
So, where do I sign up for one of those consultant gigs?
(This post was last modified: 03-08-2013 01:15 PM by Wedge.)
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03-08-2013 01:14 PM |
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gocards#1
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RE: Split official
Someone answer me this. Why are Cincinnati, USF, and UConn entitled to the money but Louisville and Rutgers aren't? Were all of us not in the Big East for the same amount of time, and did Louisville and Rutgers not achieve as much (arguably more) for the conference than the other three? Yes, Louisville and Rutgers are leaving (and it couldn't happen soon enough) but aren't all the football schools technically leaving the Big East? Should we all not be able to share in its demise? Louisville earned more NCAA Tournament credits and won the only BCS games of anybody joining the America 12, why don't we deserve to keep the money from that?
It's not our fault that the Big East fell apart the way it did but we're being penalized for wanting to improve our status athletically and academically. Why should be have to pay for that?
(This post was last modified: 03-08-2013 01:48 PM by gocards#1.)
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03-08-2013 01:42 PM |
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TrojanCampaign
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RE: Split official
(03-08-2013 01:42 PM)gocards#1 Wrote: Someone answer me this. Why are Cincinnati, USF, and UConn entitled to the money but Louisville and Rutgers aren't? Were all of us not in the Big East for the same amount of time, and did Louisville and Rutgers not achieve as much (arguably more) for the conference than the other three? Yes, Louisville and Rutgers are leaving (and it couldn't happen soon enough) but aren't all the football schools technically leaving the Big East? Should we all not be able to share in its demise?
Your leaving the Big East.
They are not leaving the Big East, well erm sort of.
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03-08-2013 01:46 PM |
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GO Coogs GO!!!
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RE: Split official
(03-08-2013 01:42 PM)gocards#1 Wrote: Someone answer me this. Why are Cincinnati, USF, and UConn entitled to the money but Louisville and Rutgers aren't? Were all of us not in the Big East for the same amount of time, and did Louisville and Rutgers not achieve as much (arguably more) for the conference than the other three? Yes, Louisville and Rutgers are leaving (and it couldn't happen soon enough) but aren't all the football schools technically leaving the Big East? Should we all not be able to share in its demise?
I think it has something to do with you leaving after 1 year as opposed to 27 months
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03-08-2013 01:46 PM |
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johnbragg
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RE: Split official
(03-08-2013 01:42 PM)gocards#1 Wrote: Someone answer me this. Why are Cincinnati, USF, and UConn entitled to the money but Louisville and Rutgers aren't? Were all of us not in the Big East for the same amount of time, and did Louisville and Rutgers not achieve as much (arguably more) for the conference than the other three? Yes, Louisville and Rutgers are leaving (and it couldn't happen soon enough) but aren't all the football schools technically leaving the Big East? Should we all not be able to share in its demise?
Technically, no. UConn, Cincinnati and USF are the only schools (technically) not changing conferences. They remain in the same conference with a new name, much like Oklahoma and Nebraska did not change conferences when the Big 8 became the Big 12.
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03-08-2013 01:47 PM |
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gocards#1
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RE: Split official
(03-08-2013 01:47 PM)johnbragg Wrote: (03-08-2013 01:42 PM)gocards#1 Wrote: Someone answer me this. Why are Cincinnati, USF, and UConn entitled to the money but Louisville and Rutgers aren't? Were all of us not in the Big East for the same amount of time, and did Louisville and Rutgers not achieve as much (arguably more) for the conference than the other three? Yes, Louisville and Rutgers are leaving (and it couldn't happen soon enough) but aren't all the football schools technically leaving the Big East? Should we all not be able to share in its demise?
Technically, no. UConn, Cincinnati and USF are the only schools (technically) not changing conferences. They remain in the same conference with a new name, much like Oklahoma and Nebraska did not change conferences when the Big 8 became the Big 12.
Not true. The America 12 is a completely different entity from the Big East, as of July 1. The Big 8 is actually considered to be separate from the Big 12 too. IIRC the schools didn't carry over their conference championships from one to the other. The SWC and Big 8 more or less merged to some degree to become the Big 12.
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03-08-2013 01:50 PM |
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MWD1001
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RE: Split official
This is going to pay off nicely for UConn and Cincy. They will get a large chunk of the departure money as reported, and then within a year or two they will be plucked away by the ACC. They'll look back on the delay as a blessing in disguise from a financial standpoint.
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03-08-2013 02:00 PM |
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UHCougar
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RE: Split official
(03-08-2013 01:50 PM)gocards#1 Wrote: . . . Not true. The America 12 is a completely different entity from the Big East, as of July 1. . .
I think you misunderstand the sequence of events. The C7 left the Big East Conference (the corporate entity) and formed their own new corporate entity. The C7 then bough the trademark and brand from the corporate entity that was the Big East, which is changing its name to (insert new name here). The corporate entity, charter, etc. does not change.
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03-08-2013 02:01 PM |
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RUJohnny99
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RE: Split official
I think it's funny that the Big East is counting RU & UL's exit fees & payables as $25 MM of that $100 MM. They think they're entitled to the money WE were due but never paid PLUS the full ten million
I'm shocked this league lasted so long
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03-08-2013 02:05 PM |
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ULdave
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RE: Split official
(03-08-2013 01:42 PM)gocards#1 Wrote: Someone answer me this. Why are Cincinnati, USF, and UConn entitled to the money but Louisville and Rutgers aren't? Were all of us not in the Big East for the same amount of time, and did Louisville and Rutgers not achieve as much (arguably more) for the conference than the other three? Yes, Louisville and Rutgers are leaving (and it couldn't happen soon enough) but aren't all the football schools technically leaving the Big East? Should we all not be able to share in its demise? Louisville earned more NCAA Tournament credits and won the only BCS games of anybody joining the America 12, why don't we deserve to keep the money from that?
It's not our fault that the Big East fell apart the way it did but we're being penalized for wanting to improve our status athletically and academically. Why should be have to pay for that?
If we (Louisville and Rutgers) aren't deemed members when it comes to dividing up assets than we shouldn't be deemed members when it comes to paying exit fees.
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03-08-2013 02:47 PM |
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RUJohnny99
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RE: Split official
If you give notice that you're not renewing the lease on a house you're renting, isn't there an implicit understanding that the landlord won't burn the house down before the date you leave?
On June 30, 2013, Rutgers & Louisville will no longer be a member of the Big East. We never agreed to sell the name or come up with a new name and never agreed to give the America 12 conference 19 months notice that we were leaving. The by laws no longer apply & our position should be we will affiliate with the A12 for the 13-14 season because we feel obligated to help our former conference mates in their time of need.
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03-08-2013 03:04 PM |
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johnbragg
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RE: Split official
(03-08-2013 01:42 PM)gocards#1 Wrote: Someone answer me this. Why are Cincinnati, USF, and UConn entitled to the money but Louisville and Rutgers aren't? Were all of us not in the Big East for the same amount of time, and did Louisville and Rutgers not achieve as much (arguably more) for the conference than the other three? Yes, Louisville and Rutgers are leaving (and it couldn't happen soon enough) but aren't all the football schools technically leaving the Big East? Should we all not be able to share in its demise? Louisville earned more NCAA Tournament credits and won the only BCS games of anybody joining the America 12, why don't we deserve to keep the money from that?
It's not our fault that the Big East fell apart the way it did but we're being penalized for wanting to improve our status athletically and academically. Why should be have to pay for that?
If you want the money UConn or UC or USF is getting, then trade places with them.
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03-08-2013 03:07 PM |
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Attackcoog
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RE: Split official
(03-08-2013 03:07 PM)johnbragg Wrote: (03-08-2013 01:42 PM)gocards#1 Wrote: Someone answer me this. Why are Cincinnati, USF, and UConn entitled to the money but Louisville and Rutgers aren't? Were all of us not in the Big East for the same amount of time, and did Louisville and Rutgers not achieve as much (arguably more) for the conference than the other three? Yes, Louisville and Rutgers are leaving (and it couldn't happen soon enough) but aren't all the football schools technically leaving the Big East? Should we all not be able to share in its demise? Louisville earned more NCAA Tournament credits and won the only BCS games of anybody joining the America 12, why don't we deserve to keep the money from that?
It's not our fault that the Big East fell apart the way it did but we're being penalized for wanting to improve our status athletically and academically. Why should be have to pay for that?
If you want the money UConn or UC or USF is getting, then trade places with them.
BOOM!.
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03-08-2013 03:20 PM |
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