More reports--3 Big East FB schools will get $30M each

[ponyinNC]

Confirming that big east 3 are getting $30M each...

http://ajerseyguy.com/?p=5471

Catholic 7 caves in; FB schools hit $30 million jackpot

In the end, in a financial battle of "chicken" the Catholic 7 group of schools wanting to leave the Big East, sooner, rather than later, blinked and backed down, accepting a financial buyout far below what they hoped to receive.

According to sources familiar with the talks that have been held between the Catholic 7 group of schools and the Big East football schools, the deal that will be finalized and announced on Wednesday will pay each of the remaining football schools-Connecticut, Cincinnati and South Florida nearly $30 million each from a conference cash reserve in excess of $114 million.

The Catholic 7 group?Seton Hall, DePaul, Georgetown, Villanova, St. John's Georgetown and Providence?had hoped to each receive between $3 and 5 million from that pot. They will take half of that, with each school receiving approximately $1.5 million.

The rest of the money will be divided between the 8 incoming Big East schools, who will divide approximately $10 million. The remaining money?between $3 and 5 million will go into a Big East operating funds account.

Had the Catholic 7 waited until July 1, 2014 to leave, the cash payout would have been significantly higher but with pressure from the new Fox Sports Cable network which is starting this summer and will use the Catholic 7 league as a cornerstone for its programming, Fox put pressure on the Catholic 7 to leave sooner rather than later and also take the Big East name.

The Big East is expected to announce the official break up on Wednesday, as well as its 2013 conference football schedule.

Still to come, will be the renaming of the football conference, as well as a new site for the basketball tournament, since the Catholic 7 group will take the Big East name and is expected to sign a deal to play its tournament in New York City's Madison Square Garden.

In what has been a long and draining siege on the conference, including the remaining football surviving members of South Florida, Cincinnati and UConn, who have been left out of the conference reconfiguration derby, a pay-day of $30 million will reduce will temporarily reduce much of the angst.

[ponyinNC]

Yet another article stating that us newbies are losing the Big East name and not getting properly paid for it.

http://collegefootball.ap.org/article/ap...100m-split

NEW YORK (AP) ? Big East football schools will get almost all of a $110 million pot in a deal that will allow seven departing basketball schools to keep the name Big East and start playing in their own conference next season, a person familiar with the negotiations says.

The person spoke to The Associated Press on condition of anonymity because the separation agreement has not yet been finalized. That is likely to happen by the end of the week. The football schools will receive approximately $100 million under the agreement, most of which will go to holdover members Connecticut, South Florida and Cincinnati.

The basketball schools will receive $10 million, the Big East name and the right to play their conference tournament at Madison Square Garden.

The Big East's stash of cash has built up in recent years through a combination of exit fees, entry fees and money the league's members earned in the NCAA men's basketball tournament. Since 2011, the Big East has lost 16 schools that were either members or dropped out before playing a game. That figure includes the seven Catholic basketball schools.

The so-called Catholic 7, which is expected to add at least two more members before it begins competition in the 2013-14 school year, is made up of Georgetown, St. John's, Villanova, Seton Hall, Providence, Marquette and DePaul. The new Big East has a television deal from Fox waiting for it, though it still needs to hire a commissioner and set up a league office.

Joining South Florida, Connecticut, Cincinnati and Temple, which rejoined the Big East last year for football, in the to-be-named-later conference in 2013 will be Memphis, Central Florida, SMU and Houston. East Carolina and Tulane are set to join in 2014 and Navy is scheduled to join for football in 2015. Commissioner Mike Aresco has said the conference is looking at adding another member to give it an even 12. It would then break into two divisions of six and play a football championship game.

The Big East football schools recently agreed to a seven-year deal worth about $130 million with ESPN, though the first year of the deal is expected to be adjusted down with the departure of the seven basketball schools. The Big East will receive about $20 million per year for the final six years of the deal, or about $2 million per school.

[PonySnob]

Guess there won't be much of an increase in the marketing budget......................

[LHS81]

wonder if mad as hell and the word /b/u/l/l/s/h/i/t gets my post deleted

[well travelled pony]

Agree LH. The newcomers are getting jacked. What a raw deal.

Go Ponies!

[redpony]

One must really question Aresco and his loyalties. Too little for too much and then shafting the new schools. When do the new schools get to start voting on these things? i.e. like a new commissioner.

[ponyboy]

Here's a better question. Are our rights any different from any other school being added to a new conference?

[mustangxc]

Don't be surprised if Aresco stays in the Big East and the new football conference starts from scratch with a new commissioner, new conference name, new everything.

[CBpony]

I hope we didn't overspend on our athletics thinking that we'd be getting paid when we made the move to the Big East or whatever the hell it is now. What a sh*t show.