Morgantown, W.Va. — West Virginia University announced Tuesday it has settled a lawsuit with the Big East for an unspecified amount, clearing the way for the conference power Mountaineers to join the Big 12 in July in time for the fall football season.
Athletic director Oliver Luck said the terms of the deal were confidential and WVU wouldn’t release details. But Luck said no state, taxpayer, tuition or other academic dollars will be used in the settlement.
A person familiar with the agreement said the settlement totaled $20 million but did not know how much money would come from the university and how much the Big 12 may contribute. The person spoke on condition of anonymity because financial terms were not being made in the announcement of the agreement.
Luck said the funding will come only from private sources and money that athletics raised independently. WVU has already paid half of the required $5 million exit fee to the Big East.
Luck said the new relationship puts WVU among peers that are also large, public, flagship institutions for their states and have strong academic and research programs. Athletically, it’s a “challenging and competitive” group, he said, populated by schools with “tremendous legacies, passionate fan bases.”
It’s also lucrative: Luck said WVU should get about $18 million to $19 million a year in television payouts, about double what it gets from the Big East. Payments are being prorated for the first three years at 50 percent, 67 percent and 87 percent, he said, reaching 100 percent in the fourth year.
“It’s a very healthy television payout, and it’s important we maintain our self-sufficient status,” Luck said. “With this move, we’ll be in an excellent position to do so.”
A spokesman for the Big 12 didn’t immediately comment on the deal, but the conference released its football schedule about an hour after the announcement. West Virginia will make its Big 12 debut on Sept. 29 at home against Baylor.
The Mountaineers and their explosive offense went 10-3 last season and finished ranked in the Top 25. West Virginia capped off the season with a record-setting 70-33 victory over Clemson in the Orange Bowl.
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SFBayhawk (anonymous) says…
The best thing to ever come out of West Virginia...an empty Greyhound bus.
merrill (anonymous) says…
I would say FiestaWare aka dinnerware is the best coming out of West Virginia. Employing 1,100 skilled USA workers.
Think Weaver's.
Meanwhile these athletic departments seem to have a ton of money to burn.
How many ways can university athletic departments employ hundreds of unemployed workers at no less than $17.50 per hour? Let's get these folks in a position to sustain themselves until something long term comes along. Or just keep them around so they may support the community economy by way of athletic department big bucks.
snap_pop_no_crackle (anonymous) says…
Where are you getting that oddly specific figure of $17.50 an hour, merrill?