AAC holding 5m payment in escrow

[Skiblets]

Just flashed across my phone. First exit payment I guess. We want ze money Lebowski

 

[noeynox]

Good move by them.

 

[whaler11]

total (not mad) move

 

[huskymedic]

AAC holding $5 million UConn conference distribution payment in escrow as part of exit fee

>>As UConn finalizes its departure from the American Athletic Conference, the league is holding about $5 million in escrow to help cover the school’s exit fee, a UConn spokesman said Friday.

That $5 million represents a large portion of UConn’s 2019 conference revenue, which includes money from the league’s TV deal, bowl payouts and the NCAA basketball fund.<<

 

[Guapo]

total (not mad) move

This is actually not a boneheaded move on their part. However, stuff like this, combined with Aresco’s totally no angry public comments all add up to not looking too good if this should end up being in court.

 

[whaler11]

This is actually not a boneheaded move on their part. However, stuff like this, combined with Aresco’s totally no angry public comments all add up to not looking too good if this should end up being in court.

I’m sure the contracts say they do it. Every league has done it. Just funny.

 

[Exit 4]

Let's get this show over. I want Big East basketball and take my chances building a fun independent schedule.

 

[UConnJim]

This is a pretty heavy handed move given that no exit timing has been negotiated. According to an older Courant article, UConn was required to pay $2.5 million upon notice of withdrawal, so I could see the argument for keeping $2.5 million in escrow and negotiate that this is the $2.5 million required upon notice.

Technically, UConn has to stay in the AAC for 27 months after the notice of withdrawal. So, if the AAC was giving UConn $5 million per year, there are still some $10 million+ in payments still due UConn by the AAC if they leave the conference according to league bylaws.

All that said, I have no idea what is in the AAC bylaws, but if it was not legally spelled what the timing of exit payments are or that the AAC could withhold payment, this is another spiteful mistake by Aresco.

 

[B1GEast]

I might be legal for the AAC to this, but it really sucks.

 

[Da_Aisijimo_Gou]

This should be good for some overreactions

 

[Kolumbo]

Escrow Shmescrow. This is a cash business. Cash on delivery like a C.O.D.

 

[huskymedic]

According to an older Courant article, UConn was required to pay $2.5 million upon notice of withdrawal, so I could see the argument for keeping $2.5 million in escrow and negotiate that this is the $2.5 million required upon notice.

UConn already sent the first installment of the exit fee ($2.5m) w/ the withdrawal letter on July 1.

 

[uconnell]

AAC can’t wait till UConn leaves as we drag down SOS and RPI yet they pull spiteful crap (like a kid).

 

[noeynox]

AAC can’t wait till UConn leaves as we drag down SOS and RPI yet they pull spiteful crap (like a kid).

Just closer to being totally paid out and moving forward.

 

[06029]

AAC can’t wait till UConn leaves as we drag down SOS and RPI yet they pull spiteful crap (like a kid).

Golden rule, he who has the gold rules. If the exit terms are $10mm and you can hold half of that up front, hold it until someone says you can’t.

 

[jdb50]

AAC can’t wait till UConn leaves as we drag down SOS and RPI yet they pull spiteful crap (like a kid).

It will be interesting to see how the FB season plays out Nell. There were teams that could have put 100 up on us last year. I hope we are ready and improved. After the Temple game last year when HCRE and the Temple coach shook hands the Temple coach and a member of his staff were cracking up after HCRE left. Temple has a new coach now but I think we have to be ready for "no prisoners" from AAC opponents.

 

[gtcam]

Let's get this show over. I want Big East basketball and take my chances building a fun independent schedule.

Yep I want BE hoops too - OBE hoops

 

[Bonehead]

This is actually not a boneheaded move on their part. However, stuff like this, combined with Aresco’s totally no angry public comments all add up to not looking too good if this should end up being in court.

Hey!!

 

[Dream Jobbed 2.0]

Whatever expedites this

 

[Kolumbo]

AAC can’t wait till UConn leaves as we drag down SOS and RPI yet they pull spiteful crap (like a kid).

It is spiteful because the AAC knows it is taking a big hit with UConn leaving. UConn football had some very bad years but the conference is G5. UCF wasn't seeing the championship with or without UConn on its schedule.

 

[DefCONNOne]

Let's get this show over. I want Big East basketball and take my chances building a fun independent schedule.

I really wish there was a dislike button, so I could slap a dislike on this.

 

[Exit 4]

I really wish there was a dislike button, so I could slap a dislike on this.

Well you get at least one more year of AAC glory....perhaps two or even three. Dont spend your time here moaning, get out there and soak it up!

 

[Dream Jobbed 2.0]

Does this mean we can start scheduling for 2020?

 

[CL82]

Whatever expedites this

And this might do exactly that if the American bylaws don’t allow for the withholding of payments during the 27 month exit period. Connecticut could argue that the AAC has breached it’s a contract with us and that we will be damaged further unless we are allowed to leave.

 

[Exit 4]

Does this mean we can start scheduling for 2020?

I feel like its pretty much a lock we are playing AAC football in 2020. Aresco (not mad) is not returning phone calls, holding tight to the bylaws - wont even talk to the school.

Btw, under the new media deal all the schools need to pay for part of the production costs of the Newport media days next week. I hear Sunday schools will be putting up the tent, setting tables, prepping the food.