Big 12 announces settlement with MU: $12.4M
The Big 12 conference announced its agreement with MU on its website Tuesday afternoon. Here is the text of the article posted on the conference's website:
The Big 12 announced it has reached an agreement with the University of Missouri regarding its withdrawal from the Conference effective June 30, 2012. The agreement has been approved by Missouri and by the governing boards of the Big 12's eight continuing member institutions.
The Conference will withhold an estimated $12,410,000 from the revenues otherwise distributable to the University. In addition, Missouri agreed that it would waive any claim to any of the benefits received by the Big 12 Conference from its television contract with Fox Sports, scheduled to commence July 1, 2012. Also, Missouri agreed to pay the Big 12 Conference for its share of the actual cost of officiating expenses for 2011-12 athletic year as it has done in previous years, in the approximate amount of $500,000.
Big 12 Conference Commissioner Chuck Neinas stated, "This agreement was accomplished through a collegial, respectful process among the Conference, its institutions, and the University of Missouri that led to a resolution that all parties believe is fair."
University of Missouri Chancellor Brady Deaton indicated, "We are pleased to have these issues resolved and we wish the Big 12 and its continuing member institutions the best in the future."