Oklahoma, Texas accept leave Big 12 year early
Oklahoma and Texas have agreed in principle to pay the Huge 12 conference an overall of $100 million to join the SEC in 2024, a year earlier than they had originally meant, the Huge 12 conference announced on Thursday evening.The arrangement goes through the final approval from the Oklahoma and Texas governing boards. While the price tag, a charge that the league is describing as foregone distributable incomes, seems like a large amount to spend for the early exit, both schools are expected to be able to partially offset the expense with future earnings.”As I have actually consistently stated, the conference would
just agree to an early withdrawal if it was in our best interest for Oklahoma and Texas to depart prior to June 30, 2025, “Big 12 commissioner Brett Yormark stated in a prepared declaration.” By reaching this agreement, we are now able to accelerate our new beginning as a 12-team league and move forward in earnest with our initiatives and future planning. I value the approaches of OU President Joe Harroz and UT President Jay Hartzell to ensure an amicable conclusion to this procedure, and anticipate the bright days ahead for the Big 12 Conference. “On July 1, the Huge 12 will formally add BYU, Central Florida, Cincinnati and Houston to the conference, and it will complete as a 14-team league for the upcoming season. Sources informed ESPN recently that both parties were interested in finding a method for the schools to leave early, but when the athletic directors and presidents met recently in Dallas, there was no resolution. It was a fast modification that even amazed some leadership within the league on Thursday afternoon.Since the summer of 2021, speculation has actually run rampant that the Huge 12’s co-founders would leave early, but the finances have actually been at the heart of the conversations. The current Big 12 media rights offer expires in June 2025, and the tv network negotiations supposedly stalled last week.Editor’s Picks Two sources told ESPN’s Pete Thamel that rather of games and select swaps, which were a big part of the initial negations, the arrangement came down to cash. A part of the more than$100 million in exit charges will go to Fox to make up for the equivalent of seven lost Texas and Oklahoma games.ESPN holds the entire rights to the SEC starting in 2024, which is the exact same season USC and UCLA are heading to the Huge Ten and the College Football Playoff is expanding to 12 teams. “Finding an acceptable resolution to this matter that is fair to all celebrations, and finest positions the Big 12 progressing has actually been a
top priority,”commented Texas Tech University President and Big 12 Conference Board of Directors Chairman Lawrence Schovanec. “This arrangement would not have taken place without the collaboration of the presidents and chancellors of all 10 Big 12 universities, and our remarkable partners at ESPN and FOX. I am really grateful for everybody’s efforts to make today’s statement possible.”Texas president Jay Hartzell stated the Longhorns are looking forward to completing a final 2023-24 season with”our good friends and competitors. “”We have always been devoted to satisfying our contractual obligations to the Huge 12, “Hartzell said in a prepared statement. “The collegiate sports landscape has actually continued to develop quickly, and interacting to accelerate our exit produced advantages for all celebrations.” Oklahoma president Joseph Harroz Jr. stated the choice enables everyone “to continue with clearness and certainty.””With the brand-new period of college sports totally upon us, an opportunity emerged for all celebrations involved to check out the value of an early departure,”he said.”These terms further ensure the sustainability, stability, competitiveness and excellence of us all. The amazing matchups and enthusiastic rivalries of the previous quarter century will constantly be a renowned part of our shared history. We look forward to showcasing that strength
this season, next season and beyond. “