Details to follow soon.
CollegeFootballTalk @CFTalk · 1m
Release: ACC, Maryland reach agreement on mediated settlement that ends all litigation between the parties.
David Teel @DavidTeelatDP · 1m
ACC and Maryland announce settlement of court cases. League keeps $31.36M of previously withheld revenue. School owes no more.
Wow. Less than the $52M prescribed by the ACC, but more tan the $25M that was the previous exit fee.
IOW, pretty much what every reasonable person was saying the settlement was going to look like.
http://www.theacc.com/#!/news-detail/agr...-14_lryjmo
Full release.
Quote:Maryland has agreed that the ACC will keep the sum of $31,361,788 previously withheld in order to resolve the lawsuits, and the ACC has agreed that Maryland will have no obligation to make any other payments to the ACC. In addition, the lawsuits filed in the State of North Carolina and Maryland will be dismissed.
(08-08-2014 12:36 PM)CommuterBob Wrote: [ -> ]David Teel @DavidTeelatDP · 1m
ACC and Maryland announce settlement of court cases. League keeps $31.36M of previously withheld revenue. School owes no more.
Wow. Less than the $52M prescribed by the ACC, but more tan the $25M that was the previous exit fee.
Heck Louisville left the AAC almost that much behind with credits and early penalties.
(08-08-2014 12:38 PM)Wedge Wrote: [ -> ]IOW, pretty much what every reasonable person was saying the settlement was going to look like.
Exactly.
I think the ACC came out well in this one.
(08-08-2014 12:41 PM)CardFan1 Wrote: [ -> ] (08-08-2014 12:36 PM)CommuterBob Wrote: [ -> ]David Teel @DavidTeelatDP · 1m
ACC and Maryland announce settlement of court cases. League keeps $31.36M of previously withheld revenue. School owes no more.
Wow. Less than the $52M prescribed by the ACC, but more tan the $25M that was the previous exit fee.
Heck Louisville left the AAC almost that much behind with credits and early penalties.
Even though it's not the full $52M that the ACC wanted, it's more money than any school has had to pay to leave a conference - ever.
Cue the ACC fanboys spinning this as a win despite claiming the $52 million exit fee was iron clad and Maryland would pay in full plus legal fees.
(08-08-2014 12:50 PM)CommuterBob Wrote: [ -> ] (08-08-2014 12:41 PM)CardFan1 Wrote: [ -> ] (08-08-2014 12:36 PM)CommuterBob Wrote: [ -> ]David Teel @DavidTeelatDP · 1m
ACC and Maryland announce settlement of court cases. League keeps $31.36M of previously withheld revenue. School owes no more.
Wow. Less than the $52M prescribed by the ACC, but more tan the $25M that was the previous exit fee.
Heck Louisville left the AAC almost that much behind with credits and early penalties.
Even though it's not the full $52M that the ACC wanted, it's more money than any school has had to pay to leave a conference - ever.
Also not much higher than the old exit fees that Maryland originally supported.
The number's high enough where both sides can claim victory
(08-08-2014 12:50 PM)CommuterBob Wrote: [ -> ] (08-08-2014 12:41 PM)CardFan1 Wrote: [ -> ] (08-08-2014 12:36 PM)CommuterBob Wrote: [ -> ]David Teel @DavidTeelatDP · 1m
ACC and Maryland announce settlement of court cases. League keeps $31.36M of previously withheld revenue. School owes no more.
Wow. Less than the $52M prescribed by the ACC, but more tan the $25M that was the previous exit fee.
Heck Louisville left the AAC almost that much behind with credits and early penalties.
Even though it's not the full $52M that the ACC wanted, it's more money than any school has had to pay to leave a conference - ever.
Exactly!
Cue the West Virginia spin machine....
just about what everyone non ACC fan boys thought it'd be.
(08-08-2014 12:53 PM)Kaplony Wrote: [ -> ]Cue the ACC fanboys spinning this as a win despite claiming the $52 million exit fee was iron clad and Maryland would pay in full plus legal fees.
Exactly. I said from day one there was no way the AAC would see 52 million. That said, Im impressed it was 31+ million dollars. I frankly thought it would be closer to 20. I honestly think it would have been 20ish had the case been carried all the way to court.
For all the ACC bashers, how is this "not" a win for the ACC?
Most folks knew it wasn't going to be 52 mil. We just wanted to see how long they could string this out. 31 mil is still a sizeable chunk of cash.
(08-08-2014 12:36 PM)CommuterBob Wrote: [ -> ]David Teel @DavidTeelatDP · 1m
ACC and Maryland announce settlement of court cases. League keeps $31.36M of previously withheld revenue. School owes no more.
Wow. Less than the $52M prescribed by the ACC, but more tan the $25M that was the previous exit fee.
I was four million dollars too low on my estimate. My guess was always $27 million.
So $31.36M plus lawyer fees is the price to leave the ACC.
(08-08-2014 12:41 PM)CardFan1 Wrote: [ -> ] (08-08-2014 12:36 PM)CommuterBob Wrote: [ -> ]David Teel @DavidTeelatDP · 1m
ACC and Maryland announce settlement of court cases. League keeps $31.36M of previously withheld revenue. School owes no more.
Wow. Less than the $52M prescribed by the ACC, but more tan the $25M that was the previous exit fee.
Heck Louisville left the AAC almost that much behind with credits and early penalties.
Louisville left the AAC with 18 million in units valued at todays rates. Probably closer to 22 million or so...
Maryland left the ACC with 1.5 million in units valued at todays rates. Won't go that far up.
So exit fee plus units-
Louisville 33 million
Maryland 33 million