Filed under: Nebraska, Big 10, Big 12, Sports Business and MediaAfter months of negotiations, the Big 12 and Nebraska announced Tuesday they have reached a separation agreement. The charter member will withdraw from the conference effective June 30, 2011 to join the Big Ten.
The Big 12 will withhold $9.255 million from the revenues that would normally be distributed to Nebraska. But the Cornhuskers could receive an additional $500,000 if it is one of two Big 12 teams to play in a BCS game this postseason. Colorado and the Big 12 also reached an agreement later Tuesday that will allow the Buffaloes to exit the conference for the Pac-10 after this academic year in exchange for Colorado forfeiting its $6,863,000 conference distribution this year.
The deal between the Big 12 and Nebraska remains subject to final approval from the member schools' respective governing boards.
"This agreement was accomplished through a collegial, respectful process among the conference, its institutions, and the University of Nebraska that led to a resolution that all parties believe is fair," said Big 12 commissioner Dan Beebe. "I appreciate the cooperation of Chancellor Harvey Perlman and Nebraska staff. The Big 12 has enjoyed its relationship with Nebraska and wishes it well in the future." Permalink | Email this | Linking Blogs | Comments
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