Big 12 buyout for Nebraska

[74Hunter]

Apparently we will only have to pay $9.255 million to the Big 12, per negotiations between the two sides.

 

FWIW, Cow-Chip Brown reported that we would have to pay $15-20 million, just a few hours prior.

 

Confirmation: http://www.big12sports.com/ViewArticle.dbml?&ATCLID=204998498&DB_OEM_ID=10410

Edited September 21, 2010 by 74Hunter

[sd'sker]

i'll cover it.

[MUTigerFan]

More Kudos to Don Bebe for once again bending over and taking it like a man... male prisoner that is.

[RazzinGTO]

How much did the Big 12 say we had to pay originally?

[HuskerfaninOkieland]

Well worth the money

[floridahusker]

The OWH has an article about it on-line. Could be $500,000 less if we make a BCS bowl.

[VA Husker Fan]

How much did the Big 12 say we had to pay originally?

The bylaws say it is 80% of 2 years of revenue if you give between 12-18 months notice, which is what I think we gave, right? So that would've been about $16M (2 * $10M * .80). There's some question about whether the other schools actually had damages by us leaving, so I imagine that's how it got negotiated down. I figured we weren't going to get off free.

[knapplc]

That's OK. We'll just take it out of their hide this year.

 

 

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.

[Nexus]

Funny tweet from Stewart Mandel:

 

Scene I would LOVE to see. Nebraska wins Big 12 title game. Beebe hands Osborne the trophy, and an invoice for $9.255M.

 

LINK

[scarletNcream]

Yeah, hows that $20 million guarantee going for ya Dan. Do you need a ride to the bank to cover?

[typ3kal]

We already have a thread for this topic.

 

http://www.huskerboard.com/index.php?/topic/46670-big-12-buyout-for-nebraska/

 

P.S. You should merge them Knapplc

[muffler dragon]

Congratulations! And since I believe the Big Ten will be picking up the tab, you needn't worry about much.

[HuskerNMO]

How much did the Big 12 say we had to pay originally?

 

80% of 2 years revenue, so somewhere in the neighborhood of 16 to 20 million.

 

The Big 12 schools were counting on a combined 25-30 million from CU and NU.

 

Turns out they're only going to get about 15 million total.

 

Oops

 

That means NU is going to pay around 900K to each school, which they'll be happy about, until they realize that next year we were supposed to visit MU, KU and Texas next year (and CU).

 

Based off gouging people an extra $20 per ticket when Nebraska showed up in town, a stadium that seats 60,000 means they lose approximately 1.2 million dollars next year for that game alone, and that doesn't count the other fan bases that don't travel as well as we do.

 

And let's not ignore the economic impact Husker fans had when they visited those towns

[muffler dragon]

I forgot to post that I wonder if Texas A&M's going to be irritated by the decrease in potential revenue coming their way. Maybe they'll be on the way to the SEC sooner than previously thought.

[knapplc]

Merged and moved to the Husker Football forum.