Big 12 buyout for Nebraska

[knapplc]

Yet another update:

 

Nebraska has reached an agreement with the Big 12 Conference, clearing the way for NU to formally conclude its affiliation with the Big 12.

 

Under the terms of a negotiated settlement announced today by the Big 12 and UNL, the conference will withhold $9.255 million from the estimated $19 million in revenues otherwise distributable to the university during the last two years of its participation in the Big 12. The original estimated reduction totaled $19.37 million.

 

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 to $8.755 million. The settlement is final pending approval by the University of Nebraska Board of Regents.

 

"The University of Nebraska believes this is a fair settlement of our disagreement regarding the appropriateness in this instance of imposing any monetary fee on the university for withdrawing from the conference. We continue to value our ongoing relationships with the institutions of the Big 12 and have great respect for their leadership and the leadership of the conference,” said Chancellor Harvey Perlman.

 

"We feel the long-term benefits of entering into the Big Ten, both academically and athletically, will make this a very good investment," said Nebraska Athletic Director Tom Osborne.

 

Big 12 Conference Commissioner Dan Beebe said: "This agreement was accomplished through a collegial, respectful process among the conference, its institutions, and the University of Nebraska that led to a resolution that all parties believe is fair. I appreciate the cooperation of Chancellor Harvey Perlman and Nebraska staff. The Big 12 has enjoyed its relationship with Nebraska and wishes it well in the future."

 

Over the past four years Nebraska received approximately $10 million annually in revenues from the Big 12 Conference.

 

Nebraska will become an official member of the Big Ten Conference July 1, 2011.