NU to lose $9.3M to leave Big 12
Nebraska has reached an agreement with the Big 12 Conference, clearing the way for the Huskers to formally leave the league.
Under the terms of a settlement announced Tuesday, the conference will withhold $9.255 million from the estimated $19 million in revenues due Nebraska during the last two years of its participation in the Big 12.
Chancellor Harvey Perlman said Tuesday that the Big 12 will withhold $1.255 million due Nebraska but not yet paid from Big 12 allocations in 2009-10. The remaining $8 million would come from Big 12 allocations for the 2010-11 academic year.
Should Nebraska's football team be one of two Big 12 teams to play in a BCS bowl game this season, the fee would be reduced by $500,000.
Over the past four years, Nebraska received approximately $10 million annually in revenues from the Big 12.
Perlman called the settlement a fair one. The settlement is final pending approval by the University of Nebraska Board of Regents.
In a news conference Tuesday, Perlman said he will suspend for one year the $2.5 million that the athletic department annually pays the university, and if all goes as planned, the athletic department should break even in 2010-11.
Perlman credited athletic director Tom Osborne for his work in controlling costs. Once Nebraska joins the Big Ten, it will be some time before NU will share equally in distributions.
Nebraska will become an official member of the Big Ten Conference July 1.
