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+---- Thread: Big East Realignment Fund: Where did the $$$ go? (/thread-621749.html)
Big East Realignment Fund: Where did the $$$ go? - johnbragg - 03-03-2013 09:30 AM
I was totalling up the Big East exit fees this morning, and something really came home. A bunch of money that should be there isn't going to be there, according to the email from the Aresco lawyer to the C-7. That email says $18.8M at the end of 2013.
By that point there should be
$20M from West Virginia
$5M from TCU
$7.5M from Syracuse
$7.5M from Pitt
That adds up to $40M, not $18.8M. (Since that email, we'd add Boise's $2.5M "RSVP No" fee.)
We didn't pay all of Temple's $6M MAC exit fee or their $1M A-10 exit fee. So how exactly did the conference spend $20M? According to the Rutgers lawsuit, it wasn't distributed to the membership.
RE: Big East Realignment Fund: Where did the $$$ go? - Wilkie01 - 03-03-2013 09:33 AM
The records should be audited.
RE: Big East Realignment Fund: Where did the $$$ go? - TerryD - 03-03-2013 09:33 AM
You are setting yourself up for a bunch of jokes with that question:
"Marinatto ate it"
"ND stole it"
"It went to West Virginia's couch fund"
"The New Jersey Mafia extorted it"
"It went to the Vatican for the Pope's retirement fund"
And so on.......
RE: Big East Realignment Fund: Where did the $$$ go? - CardFan1 - 03-03-2013 09:49 AM
We had to pay ESPN to broadcast Big East games?
RE: Big East Realignment Fund: Where did the $$$ go? - bitcruncher - 03-03-2013 10:39 AM
It went to The BEast's lawyers in the WVU case, as well as court fees in CT and WV...
RE: Big East Realignment Fund: Where did the $$$ go? - bullet - 03-03-2013 10:46 AM
(03-03-2013 09:30 AM)johnbragg Wrote: I was totalling up the Big East exit fees this morning, and something really came home. A bunch of money that should be there isn't going to be there, according to the email from the Aresco lawyer to the C-7. That email says $18.8M at the end of 2013.
By that point there should be
$20M from West Virginia
$5M from TCU
$7.5M from Syracuse
$7.5M from Pitt
That adds up to $40M, not $18.8M. (Since that email, we'd add Boise's $2.5M "RSVP No" fee.)
We didn't pay all of Temple's $6M MAC exit fee or their $1M A-10 exit fee. So how exactly did the conference spend $20M? According to the Rutgers lawsuit, it wasn't distributed to the membership.
Pitt and Syracuse are paying on an installment basis. They probably distributed some of the WVU & TCU fees last year.
RE: Big East Realignment Fund: Where did the $$$ go? - NJRedMan - 03-03-2013 11:10 AM
We hired negotiation firms and a search firm to find a commish.
RE: Big East Realignment Fund: Where did the $$$ go? - gocards#1 - 03-03-2013 11:21 AM
I doubt they collected all the fees at once. I know WVU is paying theirs in installments. Pitt and Syracuse are probably doing the same thing.
RE: Big East Realignment Fund: Where did the $$$ go? - johnbragg - 03-03-2013 12:21 PM
(03-03-2013 11:21 AM)gocards#1 Wrote: I doubt they collected all the fees at once. I know WVU is paying theirs in installments. Pitt and Syracuse are probably doing the same thing.
The WVU settlement was 3 installments, the $2.5M already paid in fall 2011, $9M or so within a week of the agreement (mostly borrowed from the Big 12) and $9M or so from WVU's Big East year end check. The exit fees are due by the date of withdrawal, so I was guessing that Pitt and Syracuse would be paid in full out of their final Big East year end check. (If WVU's was $9M for 2011-12, I think Pitt's and Syracuse's would be more than $7.5M.)
At a minimum, WVU has paid $20M and TCU has paid their $5M.
RE: Big East Realignment Fund: Where did the $$$ go? - Captain Bearcat - 03-03-2013 12:37 PM
(03-03-2013 09:30 AM)johnbragg Wrote: We didn't pay all of Temple's $6M MAC exit fee or their $1M A-10 exit fee. So how exactly did the conference spend $20M? According to the Rutgers lawsuit, it wasn't distributed to the membership.
Much of the exit fees weren't paid by a check from the school that left. They were paid by the BE not giving them any media money from the BE pool in their final year. Perhaps when the Rutgers lawsuit said nothing has been distributed, they were conveniently forgetting that their media money from the BE was higher than expected last year because it was only split 7 ways, not 8.
RE: Big East Realignment Fund: Where did the $$$ go? - bullet - 03-03-2013 12:38 PM
(03-03-2013 12:21 PM)johnbragg Wrote:(03-03-2013 11:21 AM)gocards#1 Wrote: I doubt they collected all the fees at once. I know WVU is paying theirs in installments. Pitt and Syracuse are probably doing the same thing.
The WVU settlement was 3 installments, the $2.5M already paid in fall 2011, $9M or so within a week of the agreement (mostly borrowed from the Big 12) and $9M or so from WVU's Big East year end check. The exit fees are due by the date of withdrawal, so I was guessing that Pitt and Syracuse would be paid in full out of their final Big East year end check. (If WVU's was $9M for 2011-12, I think Pitt's and Syracuse's would be more than $7.5M.)
At a minimum, WVU has paid $20M and TCU has paid their $5M.
Pitt and SU reached settlements for $7.5. In several places its been mentioned that Pitt and SU reached agreements on how their's would be paid out. It wasn't all at once. Rest probably comes out of their July distributions, much like WVU's last payment came out of their final distribution.
RE: Big East Realignment Fund: Where did the $$$ go? - johnbragg - 03-03-2013 01:25 PM
(03-03-2013 12:37 PM)Captain Bearcat Wrote:(03-03-2013 09:30 AM)johnbragg Wrote: We didn't pay all of Temple's $6M MAC exit fee or their $1M A-10 exit fee. So how exactly did the conference spend $20M? According to the Rutgers lawsuit, it wasn't distributed to the membership.
Much of the exit fees weren't paid by a check from the school that left. They were paid by the BE not giving them any media money from the BE pool in their final year. Perhaps when the Rutgers lawsuit said nothing has been distributed, they were conveniently forgetting that their media money from the BE was higher than expected last year because it was only split 7 ways, not 8.
Hmmm. So WVU about $10M, plus $5M from TCU, plus $7.5M from Syracuse plus $7.5M from Pitt is still $30M. That's at least $10M more than the email estimates. Or maybe $10M from WVU, plus $5M from TCU, plus 2 $2.5M checks from Pitt and Syracuse, is about $20M. MAybe?