Aggies take another step toward the SEC
Source: Big 12 Football Blog - Aug 29, 2011 at 8:03 PM
The Big 12 has responded to Texas A&M's request that it outline the requirements to exit the Big 12.
Texas A&M spokesman Jason Cook confirmed to the Dallas Morning News that the university had received the letter.
In a statement, university president R. Bowen Loftin implied that movement could come soon.
That movement will likely be accelerated after the Big 12's letter featured "mutual waivers of legal claims," freeing the university from any possible lawsuits stemming from an exit.
Loftin also said that he didn't plan on the university's "conference exploration" being prolonged.
A quick clarification on Texas A&M and "exit fees," which is money withheld from schools, not money paid to the Big 12:
League bylaws would require Texas A&M to forfeit 90 percent of its revenue from the 2010-11 and the 2011-12 school years. That number is estimated at around $28 million, but last year, league bylaws allowed the league to withhold over $19 million from Nebraska upon its departure to the Big Ten.
The Huskers later settled with the Big 12, which withheld $9.255 million in revenue.
Texas A&M officials expressed optimism previously that a similar settlement may be reached with the league.
Texas A&M spokesman Jason Cook confirmed to the Dallas Morning News that the university had received the letter.
In a statement, university president R. Bowen Loftin implied that movement could come soon.
That movement will likely be accelerated after the Big 12's letter featured "mutual waivers of legal claims," freeing the university from any possible lawsuits stemming from an exit.
Loftin also said that he didn't plan on the university's "conference exploration" being prolonged.
A quick clarification on Texas A&M and "exit fees," which is money withheld from schools, not money paid to the Big 12:
League bylaws would require Texas A&M to forfeit 90 percent of its revenue from the 2010-11 and the 2011-12 school years. That number is estimated at around $28 million, but last year, league bylaws allowed the league to withhold over $19 million from Nebraska upon its departure to the Big Ten.
The Huskers later settled with the Big 12, which withheld $9.255 million in revenue.
Texas A&M officials expressed optimism previously that a similar settlement may be reached with the league.
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