Rutgers to pay $11.5 mil to leave AAC this year
Rutgers will pay $11.5 million to the American Athletic Seminar as part of an arrangement that will allow the school to enter into the Big Ten this summer.
The college and the seminar revealed the deal Wednesday.
Rutgers has actually already paid $5 million to the AAC, featuring revenue withheld by the seminar. The institution also accepted go down a suit testing the conference's exit cost. Rutgers stated the seminar was asking for $15 million from the school.
Rutgers formally withdrew from what was then called the Big East on Nov. 21, 2012, when it accepted an invitation to join the Big Ten. The Big East transformed its name to the American Athletic Conference in 2012.
" I deeply appreciate the management and understanding Commissioner Aresco provided us as we worked together for an end result that permitted Rutgers and the American Sports Conference to enter this new era in their record efficiently. The American has been a remarkable house for our student-athletes and we want them well in their future undertakings," Rutgers College Sports Supervisor Julie Hermann shared in a statement.
American Athletic Seminar laws require leaving participants provide 27 months' notification before leaving the conference, though several other institutions - including Louisville, West Virginia, Syracuse and Pittsburgh - had negotiated very early exit charges.
Rutgers will officially come to be a participant of the Huge Ten on July 1.
" I am pleased to announce this arrangement and I want to say thanks to Sports Director Julie Hermann for her leadership and initiatives in finishing it," American Athletic Conference Commissioner Mike Aresco stated in a declaration." We desire Rutgers College well and appreciate the contributions the College has made to our Seminar over the years.".
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Louisville concurred in 2012 to pay $11 million to leave the American then period and join the Atlantic Coast Seminar on July 1. Louisville did not submit a suit versus the American and had informed the seminar it prepared to leave more than a year before approving an invite to the ACC.
The AAC will certainly include East Carolina, Tulane and Tulsa next season and Naval force is set to join as a soccer member in 2015, offering the conference 12 soccer colleges.
