WVU and BE come to verbal agreement, move to B12 a done deal

[Atlas]

http://www.wvmetronews.com/news.cfm?func=displayfullstory&storyid=50865

Update for 9pm Thursday:
A verbal agreement has been reached between WVU and the Big East allowing the University out of its contract and clearing the path for WVU to become a member of the Big 12 Conference on July 1.

Sources tell Metronews the Big East Thursday night finally accepted a settlement offer by WVU. As part of the settlement, the Big East will receive $20 million. It's believed, however, that the Big 12 may absorb a portion of the payment.
Earlier media reports suggested WVU may have to pay only $11 million with the Big 12 paying the rest, but that could not be independently confirmed by Metronews.

The settlement will bring to an end a contentious legal battle between WVU and the Big East that began last fall when WVU announced it was moving to the Big 12. The Big East wanted WVU to fulfill its contract and remain in the league another 27 months, but WVU said it planned to leave by July 1.

Another source familiar with the discussions was more cautious about the conditional agreement, saying he preferred to wait until there was an actual signed agreement.

The two sides have been reportedly closing in on a deal for several days. Initially, WVU and Big East Commissioner John Marinatto were far apart on the money. It's believed that Marinatto wanted $50 to $60 million. WVU, meanwhile, held the line at the $20 million figure throughout the negotiations.

All along WVU insisted, perhaps as part of its legal strategy, that it was definitely going to play in the Big 12 this year, leaving no room for the possibility of playing a Big East schedule. WVU's legal team was confident that the University could not be compelled by a Rhode Island judge to remain in the Big East.

The move leaves the Big East with just seven teams and major scheduling problems for the coming season. There have been multiple reports that the league is trying to entice Boise State to enter the conference now rather than wait until 2013.

The settlement clears the way for the Big 12 to release its football schedule for the coming season, perhaps as soon as Friday.



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The judge in Rhode Island hearing the lawsuit filed by the Big East against West Virginia University says he's open to a settlement if that is going to happen.

The following statement was released by a court spokesman Thursday morning following the scheduled status hearing:

"The result of the Big East/WVU conference with Judge (Michael) Silverstein this morning is that the matter is continued to an unspecified date for another status conference."

"The Rhode Island case continues on a path toward trial, though Judge Silverstein is certainly open to news of a settlement if that happens in the interim. The judge did not disclose anything more specific than that regarding his discussions with the attorneys this morning."

Various media reports indicate that WVU and the Big East are near an agreement that would settle the lawsuits each has filed against the other. Any settlement will include a payment of damages to the Big East by WVU.

A variety of sources have indicated that the damages could be as much as $20 million for breaking the contract with the league, but there are also signs that the Big 12 could help with payments.

WVU has said that it plans to join the Big 12 on July 1 and play a Big 12 football schedule this year. Neither the Big East nor the Big 12 has released its football schedule for this coming season.

lol at Marinatto wanting $60 million...

:geno:

 

[Nevermind]

I'm real happy for you and Leftwich.

 

[Swarley]

Hoorayz. Can't wait for K-State/WVU basketball games next season.

 

[Leftwich]

:yeah:

 

[Chrispy]

CAN'T WAIT to see how they do in football.

 

[TuxedoYoda]

It is amazing how much the Big12 upgraded relative to football. Mizzou has never done anything and A&M has been a worthless program since WWII (not even a top 5 finish in about 60 years) and the Big12 replaced them with teams that have both had dominant wins in BCS bowls within the last 2 seasons.

 

[tigga334]

im glad wvu got out. hopefully pitt is next. as of right now 9 the current and future members of the big east are former conference usa members

 

[Chrispy]

Have fun with that schedule

Over/under 5 wins?

 

[Leftwich]

Have fun with that schedule

Over/under 5 wins?

Over 5 Wins.

You think they suck or something?

 

[Champ]

At least you guys will be 2-0 heading into Maryland.

 

[TheImmortalGoud]

Getting TCU and Oklahoma at home is huge.

 

[Senser81]

It is amazing how much the Big12 upgraded relative to football. Mizzou has never done anything and A&M has been a worthless program since WWII (not even a top 5 finish in about 60 years) and the Big12 replaced them with teams that have both had dominant wins in BCS bowls within the last 2 seasons.

But it could also be that if we had put either Texas A&M or Mizzou in the Big East, they would be winning a BCS bowl game every now and then just by virtue of being in the Big East.

 

[Sportsbuck]

Mizzou has never done anything and A&M has been a worthless program since WWII (not even a top 5 finish in about 60 years) and the Big12 replaced them with teams that have both had dominant wins in BCS bowls within the last 2 seasons.

I wouldnt describe TCU's Rose Bowl win as dominant.