Records detail WVU's settlement with Big East
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The breakdown of West Virginia's $20 million settlement with the Big East Conference was made clear this morning in documents obtained through an open records request by the Pittsburgh Post-Gazette on Tuesday.
The payment includes the $2.5 million West Virginia paid the conference in October as part of the exit fee, a "settlement payment" of $8.5 million due by Feb. 17, and all of the university's 2011-2012 share of conference revenue, mostly from the sale of television rights to football and basketball games, forecast at $9 million.
There will be a time period at the end of the fiscal year after which West Virginia could conceivably get money back from the Big East if "revenue distribution is greater than the forecasted amount."
The agreement also includes a document labeled "Memorandum of Understanding Regarding the Big 12 Transition Fund," detailing a deal between the university and the West Virginia University Foundation, Inc., which raises funds for use by the university.
The foundation is giving West Virginia $10 million, half of which will be forgiven, and the remaining half will be subject to be paid back with interest. That money came from the Big 12, a source with knowledge of the situation told the Post-Gazette.
First Published February 15, 2012 11:15 am