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C7 gets Big East name, MSG | Split to be announced tomorrow

Started by Aughnanure, March 04, 2013, 10:48:17 PM

Previous topic - Next topic

Aughnanure

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."
“All men dream; but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity; but the dreamers of the day are dangerous men, for they may act out their dreams with open eyes, to make it possible.” - T.E. Lawrence

ChicosBailBonds

That article is confusing.  It says we get the name and then says we don't get MSG.  Did I read that right?

Windyplayer

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.

jeffreyweee

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."

Oldgym

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.

ChicosBailBonds

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.


forgetful

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.

MUMountin

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. 

Norm

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.


Jet915

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.

DoggyDaddy

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.       

NavinRJohnson

Well, if we are recycling Big East, they should probably recycle Conference USA or Metro.

MUMonster03

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.

Tums Festival

"Every day ends with a Tums festival!"

Aughnanure

“All men dream; but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity; but the dreamers of the day are dangerous men, for they may act out their dreams with open eyes, to make it possible.” - T.E. Lawrence

MileHigh

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.

ChicosBailBonds

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. 

bradley center bat

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.

Norm

That is a ridiculous amount for those 3 schools, especially since USF has contributed next to nothing in NCAA tournament money or bowl revenue.

Aughnanure

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).

“All men dream; but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity; but the dreamers of the day are dangerous men, for they may act out their dreams with open eyes, to make it possible.” - T.E. Lawrence

augoman

hell, with that pile of cash they can buy their own conference.

CAGASS24

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

Dawson Rental

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.
You actually have a degree from Marquette?

Quote from: muguru
No...and after reading many many psosts from people on this board that do...I have to say I'm MUCH better off, if this is the type of "intelligence" a degree from MU gets you. It sure is on full display I will say that.

Dawson Rental

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.
You actually have a degree from Marquette?

Quote from: muguru
No...and after reading many many psosts from people on this board that do...I have to say I'm MUCH better off, if this is the type of "intelligence" a degree from MU gets you. It sure is on full display I will say that.

Aughnanure

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.
“All men dream; but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity; but the dreamers of the day are dangerous men, for they may act out their dreams with open eyes, to make it possible.” - T.E. Lawrence