Maryland Settles Exit Fee Suit With ACC
Per the Baltimore Sun, Maryland has settled its suit over exit fees for $31.3 million of the $52 million the ACC was asking.
The University of Maryland and the Atlantic Coast Conference ended their legal dispute Friday with an agreement under which the school will pay $31.3 million of the original $52 million exit fee the conference was demanding.
The settlement figure is the amount that the ACC already collected by withholding shared conference revenues as a sort of down payment on the larger fee.
That means that each side now can walk away.
http://www.baltimoresun.com/business/bs-bz-maryland-acc-settlement-2014…
D'oh!
Interestingly, CBS said that this particular legal battle didn't cost the ACC all that much because they still had the firm used on retainer dealing with some other issues and just sort of tacked this onto whatever business was being conducted. Smooth indeed.
As for this, I am sure they are both glad it is done - $31,367,788 was the final damage, which is rougly 60% of the original amount sought. No one really seems to take a bath on this one, but I think just from a long-term picture standpoint, Maryland will not be hurting long about money, although let's face it - Maryland was frightfully honest about why they joined the Big Ten, and it has a lot to do with the budget hole mentioned in the article.
I want to want Maryland and Rutgers, but my enthusiasm for them is minimal.
...but I want Syracuse, Louisville or Mizzou over Rutgers.
Why don't you dig how beautiful it is out here? Why don't you say something righteous and hopeful for a change?
Loh admitted when the conference switch was announced that initially he knew nothing - literally nothing - of athletic conferences except that "there are games." (His exact words.) Until, that is, he talked with Jim Delany, who I'm sure laid everything out in nothing but the most objective manner. Upshot is that I actually expect to hear nothing at all out of Wallace Loh, but it doesn't mean Maryland won't be bleeding cash all the same. The one thing that would give anyone any confidence in the future of their department is that most of the mismanagement seems to have occurred under the watch of a previous AD.
August 8th, 2014 at 10:49 PM ^
"There are games" should be repeated any time we mention Maryland on this board going forward. There should be a t-shirt in the mgostore that says that, over an outline of the state of Maryland.
The giant crap on Loh's head is still over 20 million less than it would have been had there not been legal challenges. For most university athletic deparments, 20 million represents a big chunk of change.
Within a few years, Maryland will be ahead of the game financially.
Maryland doesn't give me the same degree of angst that I have about bringing Rutgers into the B1G. Maryland has solid basketball on both the men and women's side, great LAX and has gone up and down over the years in football but has the potential to do some serious recruiting in the DC-Baltimore area. They are certainly no worse than some of the B1G bottom feeders, have good academics and bring the B1G footprint smack dab in the middle of an area with 9 million people and lots of Michigan alums.
I think anything Maryland or Rutgers related should still be labeled OT.