WVU settles suits, will join Big 12 in July
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West Virginia University has settled lawsuits with the Big East conference and will join the Big 12 in July, the school announced today.
Details of the settlement of suits in Rhode Island and West Virginia were not revealed. The Post-Gazette last week reported that the Big East would receive up to $20 million in compensation from West Virginia.
Sources said about half will be paid by West Virginia including money owed to the University by the Big East and the other half will be paid by the Big 12, and part of that will need to be repaid by the Mountaineers.
Mountaineers athletic director Oliver Luck said no state or taxpayer funds, tuition or academic support monies will be used to pay the settlement. He said the settlement will be funded by private sources and independently generated athletic revenues.
"First, I would like to emphasize how excited we are as an institution, not just an athletic department, as the flagship school of the state of West Virginia to join the Big 12 conference," said Luck. "The member institutions are much like us, large, public land grant institutions...Obviously we understand in athletics how challenging and competitive the Big 12 conference will be. They're schools with tremendous legacies, passionate fan bases. We're very excited."
West Virginia will more than double its annual conference payout in the Big 12, earning $18 to $19 million per year, said Luck following a three year period of pro-rated revenue from television contracts.
"The Big 12 is a very stable conference with excellent television arrangements," said Luck. "It's a very healthy television payout."
First Published February 14, 2012 10:21 am
