Report: Big East, WVU reach agreement
The Big East and West Virginia were expected to formally announce Friday a conditional settlement of their legal battles against one another, clearing the way for the school’s move to the Big 12.
The Big East is set to make around $20 million from the deal, with West Virginia paying $11 million, the Charleston Daily Mail reported late Thursday, citing a source.
The Big 12, which will pay the remaining $9 million through contributions from its members, was expected to release its 2012 conference football schedule Friday to rubber-stamp the inclusion of the Mountaineers.
The source said the settlement, which was agreed to late Thursday to prevent the sides from clashing in court, no longer requires West Virginia to find a replacement for the school in the Big East, which was braced for a financial hit by the impending departure.
Boise State’s reluctance to replace WVU in the football conference before its scheduled joining date in 2013 had threatened to scupper the exit deal.
A source close to the negotiations said WVU’s $11 million payout would cover the Big East’s $5 million exit fee and Boise State’s $5 million buyout fee, while adding $1 million to match the contribution from the nine other Big 12 schools.
On Wednesday, the Big East announced Memphis will move to the conference for all sports, joining fellow Conference USA members Houston, UCF and SMU in 2013.
Boise State and San Diego State will join for football only in 2013, with Navy’s football team moving in 2015.
Pittsburgh and Syracuse are scheduled to leave the Big East for the ACC in 2014.
The Big East and West Virginia previously appeared headed to court over the school’s departure, with the conference insisting the school was legally bound to wait 27 months before leaving.