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UConn & AAC Agree to $17M Exit Fee
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CliftonAve Offline
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UConn & AAC Agree to $17M Exit Fee
UConn will be in the Big East for 2020. AAC will receive two lump sums of $5M each over next two years plus $1M/year for next six years.
 
07-26-2019 09:15 AM
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BearcatMan Offline
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RE: UConn & AAC Agree to $17M Exit Fee
Wow...paying almost double for an additional year of a smaller payout, interesting decision making in Storrs 03-lmfao
 
07-26-2019 09:17 AM
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Jchuges7 Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 09:17 AM)BearcatMan Wrote:  Wow...paying almost double for an additional year of a smaller payout, interesting decision making in Storrs 03-lmfao

Apparently they believe that reduced travel costs and increased fan interest will make it a positive decision overall.
 
07-26-2019 09:28 AM
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UCGrad1992 Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 09:17 AM)BearcatMan Wrote:  Wow...paying almost double for an additional year of a smaller payout, interesting decision making in Storrs 03-lmfao

It's always about trying to make a settlement without dragging it out or going to court. There also is a benefit to keeping it as amicable as possible. I see this as a win-win for both sides. Let's be done with it and move on the quicker, the better.

Quote:The conference is said to have sought a much higher exit fee while UConn tried to negotiate something closer to $15 million or below. The sides eventually found a compromise, which involves maintaining an aspect of their partnership: UConn has agreed to schedule four home-and-home basketball series with AAC teams, men’s or women’s. No teams or years have been assigned.

UConn's Exit Fee Is Official
 
07-26-2019 09:30 AM
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CliftonAve Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 09:30 AM)UCGrad1992 Wrote:  
(07-26-2019 09:17 AM)BearcatMan Wrote:  Wow...paying almost double for an additional year of a smaller payout, interesting decision making in Storrs 03-lmfao

It's always about trying to make a settlement without dragging it out or going to court. There also is a benefit to keeping it as amicable as possible. I see this as a win-win for both sides. Let's be done with it and move on the quicker, the better.

Quote:The conference is said to have sought a much higher exit fee while UConn tried to negotiate something closer to $15 million or below. The sides eventually found a compromise, which involves maintaining an aspect of their partnership: UConn has agreed to schedule four home-and-home basketball series with AAC teams, men’s or women’s. No teams or years have been assigned.

UConn's Exit Fee Is Official

Given our history with them you would think we'd have a shot at being one of the school's to have a h/h men's series, but you never know. With their desire to keep it more regional Temple seems to be a lock for one of those spots...
 
07-26-2019 09:37 AM
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GoCats1994 Offline
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RE: UConn & AAC Agree to $17M Exit Fee
$5M / 11 = roughly $450K per school. This barely covers the cost of a "buy" game to fill the void in the fb schedule. Seems like UConn is getting off easy rather than being punished for leaving the conference.
 
(This post was last modified: 07-26-2019 09:42 AM by GoCats1994.)
07-26-2019 09:41 AM
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bearcat54 Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 09:28 AM)Jchuges7 Wrote:  
(07-26-2019 09:17 AM)BearcatMan Wrote:  Wow...paying almost double for an additional year of a smaller payout, interesting decision making in Storrs 03-lmfao

Apparently they believe that reduced travel costs and increased fan interest will make it a positive decision overall.

looks like UCONN expecting their ladies bb team to absorb their losses. Looking for UCONN to drop Football program and pick up Speech debating for women.
 
07-26-2019 09:43 AM
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UCGrad1992 Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 09:37 AM)CliftonAve Wrote:  
(07-26-2019 09:30 AM)UCGrad1992 Wrote:  
(07-26-2019 09:17 AM)BearcatMan Wrote:  Wow...paying almost double for an additional year of a smaller payout, interesting decision making in Storrs 03-lmfao

It's always about trying to make a settlement without dragging it out or going to court. There also is a benefit to keeping it as amicable as possible. I see this as a win-win for both sides. Let's be done with it and move on the quicker, the better.

Quote:The conference is said to have sought a much higher exit fee while UConn tried to negotiate something closer to $15 million or below. The sides eventually found a compromise, which involves maintaining an aspect of their partnership: UConn has agreed to schedule four home-and-home basketball series with AAC teams, men’s or women’s. No teams or years have been assigned.

UConn's Exit Fee Is Official

Given our history with them you would think we'd have a shot at being one of the school's to have a h/h men's series, but you never know. With their desire to keep it more regional Temple seems to be a lock for one of those spots...

I would take one of those spots for sure.
 
07-26-2019 09:43 AM
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BearcatMan Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 09:43 AM)bearcat54 Wrote:  
(07-26-2019 09:28 AM)Jchuges7 Wrote:  
(07-26-2019 09:17 AM)BearcatMan Wrote:  Wow...paying almost double for an additional year of a smaller payout, interesting decision making in Storrs 03-lmfao

Apparently they believe that reduced travel costs and increased fan interest will make it a positive decision overall.

looks like UCONN expecting their ladies bb team to absorb their losses. Looking for UCONN to drop Football program and pick up Speech debating for women.

If UConn drops their football program they'll have to drop about 4 women's sports to make up the difference unless they want a hefty lawsuit...
 
07-26-2019 09:47 AM
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UCGrad1992 Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 09:41 AM)GoCats1994 Wrote:  $5M / 11 = roughly $450K per school. This barely covers the cost of a "buy" game to fill the void in the fb schedule. Seems like UConn is getting off easy rather than being punished for leaving the conference.

True, but the other way to look at it is for a program that has financial problems, they are going to have $17 million less in the coffers regardless of how they try and make up that difference. Again, it's a compromise because both sides want to move on quickly - which I think is a good thing.
 
07-26-2019 09:47 AM
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CliftonAve Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 09:47 AM)UCGrad1992 Wrote:  
(07-26-2019 09:41 AM)GoCats1994 Wrote:  $5M / 11 = roughly $450K per school. This barely covers the cost of a "buy" game to fill the void in the fb schedule. Seems like UConn is getting off easy rather than being punished for leaving the conference.

True, but the other way to look at it is for a program that has financial problems, they are going to have $17 million less in the coffers regardless of how they try and make up that difference. Again, it's a compromise because both sides want to move on quickly - which I think is a good thing.

Just to clarify.. they won't be coughing up $17M. The AAC will be keeping ~$10M that would have otherwise been owed to UConn for conference distribution including media revenue, CFP money, bowl money, NCAA tourney credits, etc. UConn is only really paying a little over $6M out of pocket ($1M per year for 6 years).
 
07-26-2019 09:56 AM
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UCGrad1992 Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 09:56 AM)CliftonAve Wrote:  
(07-26-2019 09:47 AM)UCGrad1992 Wrote:  
(07-26-2019 09:41 AM)GoCats1994 Wrote:  $5M / 11 = roughly $450K per school. This barely covers the cost of a "buy" game to fill the void in the fb schedule. Seems like UConn is getting off easy rather than being punished for leaving the conference.

True, but the other way to look at it is for a program that has financial problems, they are going to have $17 million less in the coffers regardless of how they try and make up that difference. Again, it's a compromise because both sides want to move on quickly - which I think is a good thing.

Just to clarify.. they won't be coughing up $17M. The AAC will be keeping ~$10M that would have otherwise been owed to UConn for conference distribution including media revenue, CFP money, bowl money, NCAA tourney credits, etc. UConn is only really paying a little over $6M out of pocket ($1M per year for 6 years).

Yes, I read that in the article. I guess it's how you define the exit fee. $11 million is not being distributed to them so either way it's a hit on them financially. I dont think the takeaway was to be punitive to UConn.
 
07-26-2019 10:46 AM
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Def Berkkat Offline
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RE: UConn & AAC Agree to $17M Exit Fee
If it were up to me, a Tony Soprano looking guy would be standing in the exit smacking a tire iron in his hand saying "Dat'll be seventeen million... please."

Whatever happened to that 27 month notice crap??? Contracts mean nothing now days.

All you have to do is trot in a couple carpet bagger attorneys and threaten to drag things out in court for a decade.

Loser pays. That would fix it.
 
07-26-2019 11:14 AM
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bearcatlawjd2 Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 11:14 AM)Def Berkkat Wrote:  If it were up to me, a Tony Soprano looking guy would be standing in the exit smacking a tire iron in his hand saying "Dat'll be seventeen million... please."

Whatever happened to that 27 month notice crap??? Contracts mean nothing now days.

All you have to do is trot in a couple carpet bagger attorneys and threaten to drag things out in court for a decade.

Loser pays. That would fix it.

Contacts are made to be broken with damages clauses. UConn is paying a larger exit fee.

I have taught students that breaching or breaking a contract allows for market efficiency on both sides.

Way too many people confuse this issue. There is a big difference between the ethical duty to keep a promise and the legal analysis of contract breach. If there bad behavior in the performance of the contract like fraud or dishonesty that creates a ethical issue. People and organizations are allowed out of contracts.
 
07-26-2019 11:23 AM
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Def Berkkat Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 11:23 AM)bearcatlawjd2 Wrote:  
(07-26-2019 11:14 AM)Def Berkkat Wrote:  If it were up to me, a Tony Soprano looking guy would be standing in the exit smacking a tire iron in his hand saying "Dat'll be seventeen million... please."

Whatever happened to that 27 month notice crap??? Contracts mean nothing now days.

All you have to do is trot in a couple carpet bagger attorneys and threaten to drag things out in court for a decade.

Loser pays. That would fix it.

Contacts are made to be broken with damages clauses. UConn is paying a larger exit fee.

I have taught students that breaching or breaking a contract allows for market efficiency on both sides.

Way too many people confuse this issue. There is a big difference between the ethical duty to keep a promise and the legal analysis of contract breach. If there bad behavior in the performance of the contract like fraud or dishonesty that creates a ethical issue. People and organizations are allowed out of contracts.

So... what's the purpose of a contract in the first place?
 
07-26-2019 11:51 AM
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converrl Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 09:47 AM)BearcatMan Wrote:  
(07-26-2019 09:43 AM)bearcat54 Wrote:  
(07-26-2019 09:28 AM)Jchuges7 Wrote:  
(07-26-2019 09:17 AM)BearcatMan Wrote:  Wow...paying almost double for an additional year of a smaller payout, interesting decision making in Storrs 03-lmfao

Apparently they believe that reduced travel costs and increased fan interest will make it a positive decision overall.

looks like UCONN expecting their ladies bb team to absorb their losses. Looking for UCONN to drop Football program and pick up Speech debating for women.

If UConn drops their football program they'll have to drop about 4 women's sports to make up the difference unless they want a hefty lawsuit...

That's part of the calculation and will help put their AD back in the black after a period of adjustment. The FB program was a lodestone around their necks. They are a BB school.
 
07-26-2019 01:01 PM
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BearcatJerry Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 11:14 AM)Def Berkkat Wrote:  If it were up to me, a Tony Soprano looking guy would be standing in the exit smacking a tire iron in his hand saying "Dat'll be seventeen million... please."

Whatever happened to that 27 month notice crap??? Contracts mean nothing now days.

All you have to do is trot in a couple carpet bagger attorneys and threaten to drag things out in court for a decade.

Loser pays. That would fix it.

Hey Moose, Rocco... Help the judge find his checkbook!


 
07-26-2019 01:02 PM
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bearcatmark Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 11:51 AM)Def Berkkat Wrote:  
(07-26-2019 11:23 AM)bearcatlawjd2 Wrote:  
(07-26-2019 11:14 AM)Def Berkkat Wrote:  If it were up to me, a Tony Soprano looking guy would be standing in the exit smacking a tire iron in his hand saying "Dat'll be seventeen million... please."

Whatever happened to that 27 month notice crap??? Contracts mean nothing now days.

All you have to do is trot in a couple carpet bagger attorneys and threaten to drag things out in court for a decade.

Loser pays. That would fix it.

Contacts are made to be broken with damages clauses. UConn is paying a larger exit fee.

I have taught students that breaching or breaking a contract allows for market efficiency on both sides.

Way too many people confuse this issue. There is a big difference between the ethical duty to keep a promise and the legal analysis of contract breach. If there bad behavior in the performance of the contract like fraud or dishonesty that creates a ethical issue. People and organizations are allowed out of contracts.

So... what's the purpose of a contract in the first place?

To protect both sides. The conference would not be getting 17 million if there wasn't a contract.
 
07-26-2019 01:03 PM
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Def Berkkat Offline
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RE: UConn & AAC Agree to $17M Exit Fee
(07-26-2019 01:03 PM)bearcatmark Wrote:  
(07-26-2019 11:51 AM)Def Berkkat Wrote:  
(07-26-2019 11:23 AM)bearcatlawjd2 Wrote:  
(07-26-2019 11:14 AM)Def Berkkat Wrote:  If it were up to me, a Tony Soprano looking guy would be standing in the exit smacking a tire iron in his hand saying "Dat'll be seventeen million... please."

Whatever happened to that 27 month notice crap??? Contracts mean nothing now days.

All you have to do is trot in a couple carpet bagger attorneys and threaten to drag things out in court for a decade.

Loser pays. That would fix it.

Contacts are made to be broken with damages clauses. UConn is paying a larger exit fee.

I have taught students that breaching or breaking a contract allows for market efficiency on both sides.

Way too many people confuse this issue. There is a big difference between the ethical duty to keep a promise and the legal analysis of contract breach. If there bad behavior in the performance of the contract like fraud or dishonesty that creates a ethical issue. People and organizations are allowed out of contracts.

So... what's the purpose of a contract in the first place?

To protect both sides. The conference would not be getting 17 million if there wasn't a contract.

So basically what you guys are telling me is that a contract protects both sides... but it's not worth the paper it's written on.

Got it.

Q: What do you call 50 lawyers chained together at the bottom of the ocean?

A: A good start.
 
07-26-2019 02:09 PM
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CliftonAve Offline
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RE: UConn & AAC Agree to $17M Exit Fee
^^ So I assume you don't believe in divorce or think people can't ever cancel their cable or car insurance before the term expires? Same concept-- you can pay a little extra to go with a new carrier or get a new babe.
 
07-26-2019 02:13 PM
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