$17m early buyout agreement per Blauds

[huskymedic]

 

[WrenchFan69]

What a disaster

 

[noeynox]

Make that up in 8 years on travel costs savings alone.

That's a big number.

 

[huskymedic]

Mike Anthony@ManthonyCourant 16m
American Athletic Conference set to announce UConn departure terms have been finalized. Sources: UConn's exit fee will be $17 million, payable in lump sums of $5-plus million each of next two years (AAC withholding distribution money) and about $1 million annually for six years.

 

[huskymedic]

UConn to pay $17 million in AAC exit fee, depart conference next year

>>The conference is said to have sought a much higher exit fee while UConn tried to negotiate something closer to $15 million or below. The sides eventually found a compromise, which involves maintaining an aspect of their partnership because UConn has agreed to schedule four home-and-home basketball series with AAC teams, men’s or women’s. No teams or years have been assigned.

As expected, UConn will not be allowed to remain in the AAC as a football-only member and will become an independent program.

“I can confirm that we’re going to be pursuing an FBS, Division I football program,” Benedict said. “We absolutely are committed to being a competitive program and I remain optimistic about our ability to achieve that goal. A lot of that has to do with a lot of conversations that I’ve been having over the past couple weeks with people intimately involved in the process. So I’m excited to move on and really dig in to football now that the exit has been finalized.” <<

 

[Husky25]

Forgetting about the amount (which, make no mistake, is big), the only way this makes sense is if UConn has their 2020 schedule complete lined up on paper and Benedict only has to hit **enter**.

I knew I was drawing too much false hope from the UConnblog podcast yesterday. Denial is a strong defense mechanism.

 

[huskymedic]

Still amazes me that Blauds can break big news... relationships still matter.

 

[Drew]

 

[uconnphil2016]

Still amazes me that Blauds can break big news... relationships still matter.

That was my first thought. Guy can’t type a complete sentence without a typo, but gets first wind of this news? Pretty remarkable

 

[Husky25]

That was my first thought. Guy can’t type a complete sentence without a typo, but gets first wind of this news? Pretty remarkable

Avatar/Post

 

[brasssbonanzaa]

 

[huskymedic]

Neill Ostrout @NeillOstrout 1m
Per a conversation with a learned colleague recently, there may be more Power 5 teams willing to play home-and-home's at PAWSARF in the future than one might think. The $1-$2 million guarantee games aren't healthy for the middle of the pack to pay all the time.

Neill Ostrout@NeillOstrout 2m
And East Hartford/Bradley isn't too difficult a travel ask (as opposed to Storrs, I suppose). And, of course, it's likely to be a very winnable game for (INSERT TEAM NAME HERE).

Neill Ostrout @NeillOstrout
My guess is there will be at least one 2-for-1 poaching in the 2020 schedule. As in, UConn approaches two teams set to play each other and negotiates a game for themselves with each.

 

[Storrs South]

Amazing. Leave the AAC and all of a sudden good things start happening for football. May not be need to look to UMass as a blueprint after all.

 

[uconnphil2016]

Amazing. Leave the AAC and all of a sudden good things start happening for football. May not be need to look to UMass as a blueprint after all.

Seems to look like more of a BYU blueprint. Of course, we don’t have their football history or religious affiliation, but our name is as strong for sure

 

[Dooooooomed]

SEC at PAWSARF??? Yes please.

 

[CL82]

My first reaction: So we are paying an extra $7M to leave the conference early and giving them bb games but we aren't getting any football games back? I'm not in on these negotiations, but I really feel like UConn needs better lawyers.

But on getting more details:

Mike Anthony@ManthonyCourant 16m
American Athletic Conference set to announce UConn departure terms have been finalized. Sources: UConn's exit fee will be $17 million, payable in lump sums of $5-plus million each of next two years (AAC withholding distribution money) and about $1 million annually for six years.

This doesn't look so bad.

I'm starting to feel like we might actually pull off being an independent successfully and improve our brand.

 

[AndOne]

It will be interesting to see what AD Dave can come up with for scheduling. Is it going to be closer to BYU or more like UMass' schedule?

 

[Storrs South]

SEC at PAWSARF??? Yes please.

I bet that's Mississippi State given they did play UMass at Gillette. Maybe Arkansas who does have a H-H with BYU on the slate and a 2-1 with Memphis and they only have two opponents currently for 2020 and 2022.

 

[brasssbonanzaa]

An independent UConn football team with this recurring home schedule would be an enormous win for this move:

FCS
1 MAC
1 AAC
1 independent: UMass, BYU, Army, NMSU
2 of not far low/mid tier P5 such as: RU, SU, MD, Wake, Vandy, etc.

If you told me UConn could save the basketball programs, and regularly play an independent home schedule of:
URI
Buffalo
Cincinnati
UMass
Rutgers
Indiana

While no bowl tie-ins hurt, we'd own our TV rights. That's an enormous net positive for the athletic department.

 

[brasssbonanzaa]

It will be interesting to see what AD Dave can come up with for scheduling. Is it going to be closer to BYU or more like UMass' schedule?

UMass is in a much different predicament than we are as far as home scheduling. Their on campus facility is way too small to play anyone of note, and their other option is 2+ hours from campus, so they don't want to play games there.

 

[zls44]

My first reaction: So we are paying an extra $7M to leave the conference early and giving them bb games but we aren't getting any football games back? I'm not in on these negotiations, but I really feel like UConn needs need lawyers.

But on getting more details:




This doesn't look so bad.

I'm starting to feel like we might actually pull off being an independent successfully and improve our brand.

I think the lesson is wait to see the entire thing pan out before you get too high or too low either way?

 

[CL82]

I think the lesson is wait to see the entire thing pan out before you get too high or too low either way?

On the Boneyard? It's like you don't know us at all anymore.

 

[noeynox]

I think the lesson is wait to see the entire thing pan out before you get too high or too low either way?

I agree. I still have to see what that schedule looks like. But if they agreed to such a large amount, they must believe they can make money here. I guess we will see shortly.

 

[CL82]

I agree. I still have to see what that schedule looks like. But if they agreed to such a large amount, they must believe they can make money here. I guess we will see shortly.

Agree but of that $17M, $7.5M ($2.5M exit fee + $5M withheld distributions) has already been paid, and another @$3.5 of withheld distributions is apparently anticipated. So on an out of pocket basis, we are looking at $2.5 down + $6M over basically 7 years. That seems like a very good deal.

@Chief00 is right that the $withheld distributions is real money that is otherwise owed to us, but on a cash out of pocket basis, this isn't bad.

 

[Pudge]

Did we get Home games contracted in that Exit