UPDATE:
Catholic 7caves in; FB schools hit $30 million jackpot
http://ajerseyguy.com/?p=5471
In the end, in a financial battle of "chicken" the Catholic 7 group of schools wanting to leave the Big East, sooner, rather than later, blinked and backed down, accepting a financial buyout far below what they hoped to receive.
According to sources familiar with the talks that have been held between the Catholic 7 group of schools and the Big East football schools, the deal that will be finalized and announced on Wednesday will pay each of the remaining football schools-Connecticut, Cincinnati and South Florida nearly $30 million each from a conference cash reserve in excess of $114 million.
The Catholic 7 group–Seton Hall, DePaul, Georgetown, Villanova, St. John's Georgetown and Providence–had hoped to each receive between $3 and 5 million from that pot. They will take half of that, with each school receiving approximately $1.5 million.
The rest of the money will be divided between the 8 incoming Big East schools, who will divide approximately $10 million. The remaining money–between $3 and 5 million will go into a Big East operating funds account.
Had the Catholic 7 waited until July 1, 2014 to leave, the cash payout would have been significantly higher But with pressure from the new Fox Sports Cable network which is starting this summer and will use the Catholic 7 league as a cornerstone for its programming, Fox put pressure on the Catholic 7 to leave sooner rather than later and also take the Big East name.
The Big East is expected to announce the official break up on Wednesday, as well as its 2013 conference football schedule.
Still to come, will be the renaming of the football conference, as well as a new site for the basketball tournament, since the Catholic 7 group will take the Big East name and is expected to sign a deal to play its tournament in New York City's Madison Square Garden.
In what has been a long and draining siege on the conference, including the remaining football surviving members of South Florida, Cincinnati and UConn, who have been left out of the conference reconfiguration derby, a pay-day of $30 million will reduce will temporarily reduce much of the angst.
__________________
http://www.usatoday.com/story/sports/ncaab/bigeast/2013/03/04/catholic-seven-7-negotiations/1963671/
"According to the person, the main negotiations have involved how to split a Big East cash reserve which is in excess of $100 million and comes from exit fees paid by Big East schools that have left or are leaving the conference, as well as the lucrative basketball shares earned in the NCAA tournament by conference schools and a pair of conference reserve funds.
The three Big East football schools that are part of the full revenue sharing plan -- Cincinnati, South Florida and Connecticut -- will be the primary beneficiaries, with each school expected to be paid between $15 million to $20 million each.
The Catholic 7 schools -- DePaul, Seton Hall, St. John's, Providence, Villanova, Marquette and Georgetown -- are still negotiating their share, which could be as much as $5 million per school, but is likely to be somewhere between $3 million and $5 million per school. They also are expected to announce a TV deal today in New York with the new Fox cable channel.
The other Big East football schools -- Temple, SMU, Central Florida, Memphis and Houston as well as Tulane and East Carolina, who will join the conference in 2014 -- are also expected to split another $10 million.
Notre Dame, which is taking its teams (other than football, which remains an independent) to the ACC, is expected to join that league in the fall.
Aside from the financial considerations involving both conferences, a prime topic of debate has been determining a site for the postseason basketball tournament. It will not be Madison Square Garden, which, once the breakup is official, is expected to make an arrangement with the Catholic 7 league to play next year's tournament in New York.
That leaves the Big East looking for a place to play, with Hartford the likely first stop in what will be rotating series of sites for a conference which will have UConn, Temple, Cincinnati and Memphis as its basketball anchors.
Hartford would be a logical and prudent choice for a variety of reasons. In the infancy of the Big East before the Garden was chosen as a permanent anchor, the Big East moved its postseason tournament from Providence to Syracuse to Hartford."
That article is confusing. It says we get the name and then says we don't get MSG. Did I read that right?
Quote from: ChicosBailBonds on March 04, 2013, 11:07:21 PM
That article is confusing. It says we get the name and then says we don't get MSG. Did I read that right?
The author says "It" will not get the Garden meaning the non-Catholic 7 league. Clearly, the author didn't listen to his English teacher when she implored the class to use pronouns sparingly.
Quote from: ChicosBailBonds on March 04, 2013, 11:07:21 PM
That article is confusing. It says we get the name and then says we don't get MSG. Did I read that right?
Just remove dem comma'd words. Here's how to read it:
"Madison Square Garden is expected to make an arrangement with the Catholic 7 league to play next year's tournament in New York."
Quote from: windyplayer on March 04, 2013, 11:10:36 PM
The author says "It" will not get the Garden meaning the non-Catholic 7 league. Clearly, the author didn't listen to his English teacher when she implored the class to use pronouns sparingly.
+1.
I read it as Chicos did, re-read it, then read it one more time. Got it.
Seems like right now the arguing is over $20 million. The C7 schools want $35 million of the $100 million reserve fund. The Big East is saying they will give the C7 $10 to $15Million and the name to the conference instea of the full $35 million.
UCONN, UC and USF are going to make a lot of short term cash out of this.
Quote from: ChicosBailBonds on March 04, 2013, 11:07:21 PM
That article is confusing. It says we get the name and then says we don't get MSG. Did I read that right?
The author just didn't know how to properly distinguish between the C7 (the new big east), the other fragments of the old big east and the big east in general. So it ended up sounding jumbled. A lot like the first sentence of my post.
Quote from: forgetful on March 04, 2013, 11:16:47 PM
The author just didn't know how to properly distinguish between the C7 (the new big east), the other fragments of the old big east and the big east in general. So it ended up sounding jumbled. A lot like the first sentence of my post.
It'll be nice once this is all settled and the football schools announce their new conference, so we have a new name to distinguish everyone.
Quote from: ChicosBailBonds on March 04, 2013, 11:16:42 PM
Seems like right now the arguing is over $20 million. The C7 schools want $35 million of the $100 million reserve fund. The Big East is saying they will give the C7 $10 to $15Million and the name to the conference instea of the full $35 million.
UCONN, UC and USF are going to make a lot of short term cash out of this
Yes, the biggest beneficiary is South Florida, which stinks in both sports. UConn deserves some $$ because of their long runs in the NCAA and the championship a couple years, back, but USF blows in both basketball and football, and Cincinnati hasn't done anything in BB since the Hutchins days and nothing in football save for the 1 year under Brian Kelly before he headed off to South Bend.
Hopefully it's true that there will be a TV deal announcement today, this is still written by the jersey boy so that is why it was hard to read.
It would help to have a name for those schools no longer in the Big East next season.
Hmmm...they aren't really Big anymore, the are somewhat Eastern with some mid-major like attributes but lacking in focus or common ground.
Aha, the Mideast Conference for they will never ever settle on an agreed tournament site.
Well, if we are recycling Big East, they should probably recycle Conference USA or Metro.
Quote from: Norm on March 04, 2013, 11:50:17 PM
Yes, the biggest beneficiary is South Florida, which stinks in both sports. UConn deserves some $$ because of their long runs in the NCAA and the championship a couple years, back, but USF blows in both basketball and football, and Cincinnati hasn't done anything in BB since the Hutchins days and nothing in football save for the 1 year under Brian Kelly before he headed off to South Bend.
2 BCS games and a share of the 4 of the last 5 BEast titles isn't nothing regardless of what you think of the quality of the conference.
They (football schools) can be the Big Metro USA conference.
USF, Cincy, UConn to keep nearly all $110 million?
http://www.wnct.com/story/21523030/ap-source-big-east-football-keeps-100m-in-split?utm_source=twitterfeed&utm_medium=twitter
Quote from: Aughnanure on March 05, 2013, 12:05:59 PM
USF, Cincy, UConn to keep nearly all $110 million?
http://www.wnct.com/story/21523030/ap-source-big-east-football-keeps-100m-in-split?utm_source=twitterfeed&utm_medium=twitter
That seems a little ridiculous. But we shall see how things play out.
Now I am curious if that money that they will get, if they need to stay with the conference for x number of months/years as a commitment. It would be interesting if there were some terms that could be applied to it.
Yup, those three are going to land on a pile of cash...I've heard more like $85 to $90 million, but maybe it is $100 million. That is a lot of money and will wipe out some short term pain for them.
http://collegefootball.ap.org/article/ap-source-big-east-football-keeps-100m-split
The basketball schools will receive $10 million, the Big East name and the right to play their conference tournament at Madison Square Garden.
That is a ridiculous amount for those 3 schools, especially since USF has contributed next to nothing in NCAA tournament money or bowl revenue.
Last we heard, it was going to be around $15 million with the basketball schools pushing for about $5 million each. Going backwards to $10 million seems odd, along with the fact that the AP writer said that we will secure MSG - but I have always read/heard that that decision is really up to MSG and is not part of the negotiation.
I would think something like $25-30 million b/t the 7 schools (about $4M a piece) would be more than reasonable - leaving the BE3 w/ about $80M from the now reported $110M pot (which also seems to keep changing).
hell, with that pile of cash they can buy their own conference.
Not really - because as they have said the pool of money is alot of exit fees and tournament shares - it is not really money sitting right now in a bank account - so alot of that money hasn't even been received by the "Big East" for dividing. For the bulk of the money, its just an assignment of rights for future receipts
Quote from: NavinRJohnson on March 05, 2013, 07:30:58 AM
Well, if we are recycling Big East, they should probably recycle Conference USA or Metro.
Past rumors aside, Conference USA did not disappear when we left it.
Quote from: augoman on March 05, 2013, 12:28:56 PM
hell, with that pile of cash they can buy their own conference.
More likely, they'll just use it to offset the reduction in future TV revenue due to their conference's reduced profile.
Catholic 7caves in; FB schools hit $30 million jackpot
http://ajerseyguy.com/?p=5471
In the end, in a financial battle of "chicken" the Catholic 7 group of schools wanting to leave the Big East, sooner, rather than later, blinked and backed down, accepting a financial buyout far below what they hoped to receive.
According to sources familiar with the talks that have been held between the Catholic 7 group of schools and the Big East football schools, the deal that will be finalized and announced on Wednesday will pay each of the remaining football schools-Connecticut, Cincinnati and South Florida nearly $30 million each from a conference cash reserve in excess of $114 million.
The Catholic 7 group–Seton Hall, DePaul, Georgetown, Villanova, St. John's Georgetown and Providence–had hoped to each receive between $3 and 5 million from that pot. They will take half of that, with each school receiving approximately $1.5 million.
The rest of the money will be divided between the 8 incoming Big East schools, who will divide approximately $10 million. The remaining money–between $3 and 5 million will go into a Big East operating funds account.
Had the Catholic 7 waited until July 1, 2014 to leave, the cash payout would have been significantly higher But with pressure from the new Fox Sports Cable network which is starting this summer and will use the Catholic 7 league as a cornerstone for its programming, Fox put pressure on the Catholic 7 to leave sooner rather than later and also take the Big East name.
The Big East is expected to announce the official break up on Wednesday, as well as its 2013 conference football schedule.
Still to come, will be the renaming of the football conference, as well as a new site for the basketball tournament, since the Catholic 7 group will take the Big East name and is expected to sign a deal to play its tournament in New York City's Madison Square Garden.
In what has been a long and draining siege on the conference, including the remaining football surviving members of South Florida, Cincinnati and UConn, who have been left out of the conference reconfiguration derby, a pay-day of $30 million will reduce will temporarily reduce much of the angst.
So help me understand this and I apologize if someone has walked through this before...I think I am getting hung up on bball money vs football money and everything
Using a round number of $100 million, you have the C7 + UCONN/USF/Cincy. Are those 3 schools selling/negotiating away the Big East name/MSG/etc...for the majority of the $100 million?? Or the incoming schools like Temple and company have some say? I'm thinking majority rules, why are the 3 making bank? Assuming equal voting power etc...
Again, I apologize that I'm getting lost in the mess.
I'm surprised that those 3 seem to wield all the power vs the C-7. It was my understanding that because of the unique situation of holding a voting super majority until June that the C-7 could threaten to rewrite the bylaws to assign the rights to exit fees and credits in a manor more beneficial to themselves. They could use that power to negotiate a "fair" division of money rights when they leave. (I thought they hadn't effectively left YET they just had notified the BE that they INTENDED to leave). The BE name is worth something so the remaining 3 certainly hold that as a chip but this is playing out like the C-7 are in such a hurry to leave that they are just caving on everything just to get out.
Quote from: Norm on March 05, 2013, 12:26:33 PM
That is a ridiculous amount for those 3 schools, especially since USF has contributed next to nothing in NCAA tournament money or bowl revenue.
Their basketball hasn't done anything, but they made it to bowl games every year from 2005-2010 and won 4 of those. So they have added bowl revenue. I wish people would look into things before bashing our opponents and their contributions.
Quote from: Aughnanure on March 05, 2013, 12:27:15 PM
Last we heard, it was going to be around $15 million with the basketball schools pushing for about $5 million each. Going backwards to $10 million seems odd, along with the fact that the AP writer said that we will secure MSG - but I have always read/heard that that decision is really up to MSG and is not part of the negotiation.
The BE has to give up the rights...and apparently MSG has already signed off.
Quote from: Norm on March 05, 2013, 12:26:33 PM
That is a ridiculous amount for those 3 schools, especially since USF has contributed next to nothing in NCAA tournament money or bowl revenue.
Yeah, well they would have gotten a hell of a lot more had the BE accepted the initial television offer from ESPN. They get a bunch of $$$, but they are screwed in their next contract.
Quote from: Aughnanure on March 05, 2013, 12:35:23 PM
Catholic 7caves in; FB schools hit $30 million jackpot
http://ajerseyguy.com/?p=5471
In the end, in a financial battle of "chicken" the Catholic 7 group of schools wanting to leave the Big East, sooner, rather than later, blinked and backed down, accepting a financial buyout far below what they hoped to receive.
According to sources familiar with the talks that have been held between the Catholic 7 group of schools and the Big East football schools, the deal that will be finalized and announced on Wednesday will pay each of the remaining football schools-Connecticut, Cincinnati and South Florida nearly $30 million each from a conference cash reserve in excess of $114 million.
Yeah, the old BE was holding all the cards here. The C7 wanted out and had to pay for it.
But honestly, I think if you would have mentioned back in December that the C7 would get the Big East name, the MSG location, AND get to avoid all exit fees and pocket about $1.5M each, people would be pleased.
Not to mention a television deal that pays out almost twice as much as they were receiving previously.
Where is the $100 million coming from? Wasn't it a few days ago it was like $60 million?
I'm confused. Why was there a "game of chicken" if the BBall schools held the voting majority?
Also, if Fox pushed so hard for a departure now, I wonder how much incentive they are giving the Bball schools to take less money from the pot...
Quote from: jesmu84 on March 05, 2013, 12:47:05 PM
I'm confused. Why was there a "game of chicken" if the BBall schools held the voting majority?
Because the Bball schools are the ones technically leaving. Remember to leave this quickly they actually owed the conference exit fees. They avoid the exit fees, but in the process lost rights to the cash in the form of exit fees paid by the other schools (WVU, Rutgers), and tourney credits.
And yeah, I think the Fox contract becomes less valuable if they have to wait a year.
Quote from: jesmu84 on March 05, 2013, 12:47:05 PM
I'm confused. Why was there a "game of chicken" if the BBall schools held the voting majority?
Also, if Fox pushed so hard for a departure now, I wonder how much incentive they are giving the Bball schools to take less money from the pot...
But they didn't have the majority because of how the conference breakup (or non breakup) occurred. The C7 didn't have enough votes to disband the conference, so their "majority" didn't mean much. When the C7 pushed to get out earlier for the Fox money, the leverage all shifted to the remaining Big East schools.
A lot of this is semantics -- we're paying exit fees -- we're just "paying" them by forgoing future income that we could have had. Of course I wish we could have reduced our exit fees (i.e., preserved our right to more of the future income), but I'm really happy that we seem to be making a fast, clean break.
Quote from: ChicosBailBonds on March 05, 2013, 12:53:26 PM
When the C7 pushed to get out earlier for the Fox money, the leverage all shifted to the remaining Big East schools.
Never, ever, ever tell the car salesman that the car you're test-driving is your dream car.
Quote from: StillAWarrior on March 05, 2013, 12:54:20 PM
A lot of this is semantics -- we're paying exit fees -- we're just "paying" them by forgoing future income that we could have had. Of course I wish we could have reduced our exit fees (i.e., preserved our right to more of the future income), but I'm really happy that we seem to be making a fast, clean break.
Yep. Well stated.
Quote from: The Sultan of South Wayne on March 05, 2013, 12:40:45 PM
Yeah, the old BE was holding all the cards here. The C7 wanted out and had to pay for it.
But honestly, I think if you would have mentioned back in December that the C7 would get the Big East name, the MSG location, AND get to avoid all exit fees and pocket about $1.5M each, people would be pleased.
Not to mention a television deal that pays out almost twice as much as they were receiving previously.
And not to mention starting the conference this fall, as opposed to waiting another year.
Quote from: MUMonster03 on March 05, 2013, 12:37:32 PM
Their basketball hasn't done anything, but they made it to bowl games every year from 2005-2010 and won 4 of those. So they have added bowl revenue. I wish people would look into things before bashing our opponents and their contributions.
I stand corrected about USF football.
2010 - Belk Bowl (formerly known as the Meineke Car Bowl) - $1.6 million payout
2009 - International Bowl - $750,000 payout
2008 - St. Petersburg Bowl (now known as the Beef O'Brady Bowl) - ??
2007 - Sun Bowl - ??
2006 - PapaJohn's Bowl (now known as BBVA Compass Bowl)
2005 - Meineke Car Bowl (now known as Belk Bowl)
I still would like to know the schools that will be added?
The majority of the money we're looking at is exit fees from football playing schools - who by leaving seriously eroded the remaining three football schools negotiating leverage for future football TV deals. While the C7 leaving reduces their payout for basketball games. The leftovers are being hit hard in the pocket in terms of (at the very least the immediate) future TV revenue. They need the cash to hold them over until they can establish the new conference or get the hell out to a BCS conference themselves. By leaving a year early, the new and improved Big East Conference members (like MU) get an immediate uptick in their basketball TV revenue from Fox. It's a reasonable deal, IMO.
You guys have missed the buried paragraph in ajerseyguy's article. Sure the C7 might be leaving more on the table for UConn, et al. That's because Fox seemingly made up the difference not wanting this to drag out any longer. If you think about it, this negotiation is really between Fox and ESPN. Surprise, surprise.
So, will the C7 get a little extra money from Fox to make up for the money they leave behind? The $1.5 million hit they each take with this deal?
Quote from: Norm on March 05, 2013, 01:10:27 PM
So, will the C7 get a little extra money from Fox to make up for the money they leave behind? The $1.5 million hit they each take with this deal?
That's what ajerseyguy suggested he's heard.
"To make up for the financial short fall of the Catholic 7, sources suggested that Fox might be willing to increase its offer (reportedly $40 million a year for what has been projected as a 10 to 12 team league) by an additional 10 to 12 million, which would get the Catholic 7 schools in the financial comfort zone they seek."
Quote from: The Sultan of South Wayne on March 05, 2013, 12:40:45 PM
Yeah, the old BE was holding all the cards here. The C7 wanted out and had to pay for it.
But honestly, I think if you would have mentioned back in December that the C7 would get the Big East name, the MSG location, AND get to avoid all exit fees and pocket about $1.5M each, people would be pleased.
Not to mention a television deal that pays out almost twice as much as they were receiving previously.
Agree wholeheartedly, Sultan.
Marquette and the other 6 got everything they wanted except they would have liked more money. Yeah, well join the club. We'd all like more money.
To us folks out here in Reality Land, it's all just play money, anyway. It doesn't affect a single element of any of our lives. I don't see why anybody here would be outraged or even a little annoyed.
We are free of a bad football conference, we don't have to go through the motions of competing in some kind of 20-team monstrosity of a horrible conference next season, we have the Big East name, we have MSG, we have a television network that has big plans for us, we finally have a semblance of stability and sanity.
And according to one intrepid reporter with unimpeachable sources, we might even get Siena and Detroit!
The money? To me, it isn't even secondary. Hell, it's barely 11th-dary.
Quote from: jsglow on March 05, 2013, 01:14:25 PM
"To make up for the financial short fall of the Catholic 7, sources suggested that Fox might be willing to increase its offer (reportedly $40 million a year for what has been projected as a 10 to 12 team league) by an additional 10 to 12 million, which would get the Catholic 7 schools in the financial comfort zone they seek."
http://www.youtube.com/v/sZHCVyllnck
Quote from: ChicosBailBonds on March 05, 2013, 12:53:26 PM
But they didn't have the majority because of how the conference breakup (or non breakup) occurred. The C7 didn't have enough votes to disband the conference, so their "majority" didn't mean much. When the C7 pushed to get out earlier for the Fox money, the leverage all shifted to the remaining Big East schools.
We had enough votes, but the bylaws stated to dissolve the conference at least one basketball and one football team had to vote in favor. Should've cut a back-door deal with UConn and offered them $40M to vote yes to dissolve. Would've let us keep the rest, left Cincy and USF spinning in the wind, and UConn is probably the only one of the three underhanded enough to agree to it.
From the GTown Board
"At best we would have split the total pot of $110m. At best, that would have been, what? About $75m for the C7. By leaving early, though, we are subject to exit fees, so reduce that number by $35m. Now, we are at $40m. It appears we have given up $30m of that in negotiating for the name and the "right" to MSG, whatever that means, leaving us $10m. Do you think the name and all of its history is worth $30m? You may not think so, but I'd go ahead and wager that since about 99% of the population is not paying any attention whatsoever to the larger broad story of the whole Big East divorce, let alone the esoteric minutia of it, we are better served exiting these negotiations with the known brand name. In a year from now, most people will just see that the Big East Tournament is on tv and will never even remember there was a breakup/divorce of any kind. They will just see a seamless history stretching back to its conception. There is incredible value in that. Certainly more than $30m worth. They can have the golden eggs, I'm taking the goose."
Quote from: brewcity77 on March 05, 2013, 01:38:01 PM
We had enough votes, but the bylaws stated to dissolve the conference at least one basketball and one football team had to vote in favor. Should've cut a back-door deal with UConn and offered them $40M to vote yes to dissolve. Would've let us keep the rest, left Cincy and USF spinning in the wind, and UConn is probably the only one of the three underhanded enough to agree to it.
I wonder what would happen if UConn left in 2 months? Is there a clause to rework the deal?
Quote from: brewcity77 on March 05, 2013, 01:38:01 PM
We had enough votes, but the bylaws stated to dissolve the conference at least one basketball and one football team had to vote in favor. Should've cut a back-door deal with UConn and offered them $40M to vote yes to dissolve. Would've let us keep the rest, left Cincy and USF spinning in the wind, and UConn is probably the only one of the three underhanded enough to agree to it.
But then we would have had to change our motto to "Cura personalis... except when screwing the LEAST."
Quote from: Aughnanure on March 05, 2013, 02:32:37 PM
From the GTown Board
"At best we would have split the total pot of $110m. At best, that would have been, what? About $75m for the C7. By leaving early, though, we are subject to exit fees, so reduce that number by $35m. Now, we are at $40m. It appears we have given up $30m of that in negotiating for the name and the "right" to MSG, whatever that means, leaving us $10m. Do you think the name and all of its history is worth $30m? You may not think so, but I'd go ahead and wager that since about 99% of the population is not paying any attention whatsoever to the larger broad story of the whole Big East divorce, let alone the esoteric minutia of it, we are better served exiting these negotiations with the known brand name. In a year from now, most people will just see that the Big East Tournament is on tv and will never even remember there was a breakup/divorce of any kind. They will just see a seamless history stretching back to its conception. There is incredible value in that. Certainly more than $30m worth. They can have the golden eggs, I'm taking the goose."
And reduce the $30 million by legal fees (if the conference fought for a larger share) and the difference between what the C7 will get from year one of Fox deal vs. what would have been the 2013 BE deal.
Quote from: Aughnanure on March 05, 2013, 02:32:37 PM
From the GTown Board
"At best we would have split the total pot of $110m. At best, that would have been, what? About $75m for the C7. By leaving early, though, we are subject to exit fees, so reduce that number by $35m. Now, we are at $40m. It appears we have given up $30m of that in negotiating for the name and the "right" to MSG, whatever that means, leaving us $10m. Do you think the name and all of its history is worth $30m? You may not think so, but I'd go ahead and wager that since about 99% of the population is not paying any attention whatsoever to the larger broad story of the whole Big East divorce, let alone the esoteric minutia of it, we are better served exiting these negotiations with the known brand name. In a year from now, most people will just see that the Big East Tournament is on tv and will never even remember there was a breakup/divorce of any kind. They will just see a seamless history stretching back to its conception. There is incredible value in that. Certainly more than $30m worth. They can have the golden eggs, I'm taking the goose."
I think he is underselling the exit fees. Aren't they $10M per school? Or are they less for basketball?
10M for all sports members, 5M for non football memebers
I thought exit fees were $5 Million for basketball schools and $10 Million for football.
But I think the writer is improperly combining the exit fee and leaving early issues. We would have had to pay the ext fee AND wait 27 months, so getting out 2 years early is an added benefit he didn't factor in. Plus, whatever NCAA credits we start accruing next year we get to keep for sure, and we won't leave extra credits behind with the LEAST schools.
OK thanks. Another issue. Do the non-football schools have equal rights to the pot of money for exit fees, etc?
I don't think so. I read somewhere that the exit fees were split along the normal lines of football/basketball revenue distribution, whatever that is.
Quote from: The Sultan of South Wayne on March 05, 2013, 12:40:45 PM
Yeah, the old BE was holding all the cards here. The C7 wanted out and had to pay for it.
But honestly, I think if you would have mentioned back in December that the C7 would get the Big East name, the MSG location, AND get to avoid all exit fees and pocket about $1.5M each, people would be pleased.
Not to mention a television deal that pays out almost twice as much as they were receiving previously.
yeah...while I wish we could have taken more money, in the end it's not that bad considering we get to keep the name and MSG.
WVU, Syracuse, Pitt, Louisville, Rutgers and ND are all paying to leave and having to wait longer. I think TCU, Boise State and SDSU are even paying some money.
On the other hand, we're getting paid, leaving right away, and get to keep the name and MSG.
Quote from: CaptainAwesome on March 05, 2013, 01:26:51 PM
http://www.youtube.com/v/sZHCVyllnck
One of the dumbest, but one of the smartest movies I have seen.
Quote from: Strokin 3s on March 05, 2013, 03:21:30 PM
One of the dumbest, but one of the smartest movies I have seen.
Totally agree. However, I can't watch Dax Shepherd on any movie or TV show anymore without saying "I like money."
Does DePaul, Seton Hall St. John's and Providence get a bargin in this settlement? It sounds like MU, Georgetown, Villanova are giving up their NCAA credits as part of the settlement.
Quote from: Litehouse on March 05, 2013, 03:04:33 PM
I don't think so. I read somewhere that the exit fees were split along the normal lines of football/basketball revenue distribution, whatever that is.
OK, if that is the case, than the C7 weren't due 7/10ths of the pot of money like the Georgetown board states. That means they paid a lot less than $30M for the name and tournament site.
The Catholic 7 group–Seton Hall, DePaul, Georgetown, Villanova, St. John's Georgetown and Providence
I think they're forgetting someone