MetroNews (WVA) reporting verbal agreement reached between WVU and BE ($20 M)

[Rumrunner]

Update for 9pm Thursday:

A verbal agreement has been reached between WVU and the Big East allowing the University out of its contract and clearing the path for WVU to become a member of the Big 12 Conference on July 1.

Sources tell Metronews the Big East Thursday night finally accepted a settlement offer by WVU. As part of the settlement, the Big East will receive $20 million. It's believed, however, that the Big 12 may absorb a portion of the payment.


http://www.wvmetronews.com/news.cfm?func=displayfullstory&storyid=50865

Once Providence takes their cut, the lawyer$ get paid, Seton Hall, DePaul, and the other backbone institutions of the BE receive theirs, UConn might, might net enough to throw a pizza party for Marinatto.

Next up: Sources say Syracuse and Pitt are in negotiations to leave the Big East in advance of their intended withdrawal date of July, 2014. The schools' argue that precedent has been set with the recently signed stipulation entered into between WVU and the BE, which grants the Mountaineers the right to bring their redneck, toothless inbred, SAT- challenged fanbase to the Big 12 for the start of the 2012 season.

 

[Dann]

bend over

 

[uc1974]

It's not a bend over. $20M is a ridiculous amount of money and a fair settlement. The object of all of this is to come out of the mess with the best deal possible. In this case, the best deal is to take an
absurd amount of dollars, not to punish WVU and its ethically challenged athletic director, although both look really bad in all of this. Believe me, the amount of the settlement clearly establishes
who had the better case.

 

[Dann]

after each bball school gets it cut for a sport they dont even know how to play, uconns cut will be so small that i would rather play wvu this year then take the $. now cuse and pitt are gone for 2013, its not even a question. i'm just waiting to hear that they may try for this year like wvu. cross fingers that bosie gets on the 2012 sch.

 

[Dann]

and byu rumors are all over that they and the b12 are in agreement about who knows what tv $$ wise. great so now that 20mil can buy a quick exit, guess who will be team #12 to b12? yup there goes lville. maybe next year we can play bosie in hartford and bosie in bosie? why not right, cause we just did a h/h series with them in bball to. might as well just start eating potatoes all dam night also.

 

[uc1974]

Dan, I read and speak three languages, one of which is English. I don't have the slightest idea what language appears in your posts. It is certainly not English, French or Vietnamese, or any other language with which I am familiar. Seriously, it is such a mess I have no idea what you are trying to say. Could you at least try to write something that can be read AND understood in any of the three languages I've noted? Thanks.

 

[SAMCRO]

Translation:
SyraPitt are gone after next year.
Louisville to the B12 is right around the corner, along w/ BYU.
UConn should play a home and home w/ Boise.
Dan likes potatoes, especially at night.

 

[gioff23]

And there is not going to be any money for the BE or its schools - that money, which started in the SEC, moved to the B12, then to the BE - will end up west of the MS River in the hands of the MWC and Boise. Its called a transfer payment to facilitate Boise's move NOW. The net amount of money to the conference will be close to zero.

 

[businesslawyer]

The net amount of money to the conference if it ends up with a WVU for Boise trade should not be a huge number. Seriously -- as WVU had every right to leave in two years anyway, what is the real damage of them leaving early if they're replaced by a better team?

Some damage from that? Yup. Overwhelming damage? I don't see it.

 

[The Funster]

I don't know...

For me, it's not about the money. IMO, once again the BE comes small. Pay enough money, leave when you want, we have a circular door so when you leave we'll bring a sorry ass or ill fitting program to take your place. It's just a bad mentality. The BE looks more like a cheap hooker than a conference.

 

[businesslawyer]

I don't know...

For me, it's not about the money. IMO, once again the BE comes small. Pay enough money, leave when you want, we have a circular door so when you leave we'll bring a sorry ass or ill fitting program to take your place. It's just a bad mentality. The BE looks more like a cheap hooker than a conference.

As I counsel clients, litigation is only about the money. That is what the system is set up to do. If you want to use litigation for "vindication" or "morality," you will get your clock cleaned because that is not what the system is about in business disputes.

 

[metsfan2323]

Boise for West Virginia would be a huge improvement to the schedule. It would be awful for the new Big East if WVU won the league again next year as they would be favored to do. Rip the band aid off and lets get to know our new conference mates. A group of people who actually want to be here, how refreshing.

Hopefully when the new schedule comes out Cuse and Pitt will be traveling to Boise for an ass kicking.

 

[2Infinity]

Boise for West Virginia would be a huge improvement to the schedule. It would be awful for the new Big East if WVU won the league again next year as they would be favored to do. Rip the band aid off and lets get to know our new conference mates. A group of people who actually want to be here, how refreshing.

Hopefully when the new schedule comes out Cuse and Pitt will be traveling to Boise for an ass kicking.

Well said MF...and very true! I totally understand, and share, the feelings of many here about WVA being able to leave early. I don't like it at all and feel they have no respect at all for the league that helped elevate their football program over these past 20 years or so. However, you have to keep in mind that if they stayed for a year, there would be a lot of negative baggage attached to the league if that were the case. It would be even worse, and look really bad, if WVA won the BE conference while heading out the door and bashing us at every opportunity. It's much better to escort the disgruntled, and now former, employee out the door today, than to have them hang around for "2 weeks". It's important to keep in mind that Boise is an upgrade...better than WVA would have been!

 

[Carl Spackler]

Dan, I read and speak three languages, one of which is English. I don't have the slightest idea what language appears in your posts. It is certainly not English, French or Vietnamese, or any other language with which I am familiar. Seriously, it is such a mess I have no idea what you are trying to say. Could you at least try to write something that can be read AND understood in any of the three languages I've noted? Thanks.

He's just starting to learn paragraphs and punctuation. Let's take it easy on the young pup. He's gung ho on uconn football, and that's a good thing.

 

[The Funster]

As I counsel clients, litigation is only about the money. That is what the system is set up to do. If you want to use litigation for "vindication" or "morality," you will get your clock cleaned because that is not what the system is about in business disputes.

I understand that. I guess my point is that if WVU/Big 12 didn't think the BE would eventually settle for cash they wouldn't have gone down the road that they did. And, while I'm not a lawyer, this shouldn't be about vindication or morality, it should be about upholding the terms of an agreement. If the BE believes they would eventually win in a court of law they should damn well stick to their guns and make WVU live up to the terms that they not only agreed to but helped formulate and ratified. If the BE thinks it would win (and I do understand that they may not or may be involved in a case for years on end) and they just settle for the money, IMO, they further undermine their ability to function as a viable conference. You know, "Hey we've got rules but if you give us enough money, we'll waive them", does very little to inspire confidence for a prospective member.

 

[businesslawyer]

I understand that. I guess my point is that if WVU/Big 12 didn't think the BE would eventually settle for cash they wouldn't have gone down the road that they did. And, while I'm not a lawyer, this shouldn't be about vindication or morality, it should be about upholding the terms of an agreement. If the BE believes they would eventually win in a court of law they should damn well stick to their guns and make WVU live up to the terms that they not only agreed to but helped formulate and ratified. If the BE thinks it would win (and I do understand that they may not or may be involved in a case for years on end) and they just settle for the money, IMO, they further undermine their ability to function as a viable conference. You know, "Hey we've got rules but if you give us enough money, we'll waive them", does very little to inspire confidence for a prospective member.

The general "law" of contracts is that you are allowed to break contracts so long as the counterparty is made whole for their damages. There are exceptions where you can meet the standard for equitable relief -- significant chance of success on the merits and irreperable harm. Boise State being able to join in '12 is a good thing, but it makes arguing irreperable harm significantly more difficult. What is the irreperable harm of WVU being replaced by Boise now instead of in two years?

 

[The Funster]

The general "law" of contracts is that you are allowed to break contracts so long as the counterparty is made whole for their damages. There are exceptions where you can meet the standard for equitable relief -- significant chance of success on the merits and irreperable harm. Boise State being able to join in '12 is a good thing, but it makes arguing irreperable harm significantly more difficult. What is the irreperable harm of WVU being replaced by Boise now instead of in two years?

If Boise joins I guess it would be hard to show irreparable damages. IOW, a binding legal agreement we sign today isn't worth the paper it's written on but it does have some future value if the terms are not honored.

 

[Dann]

Dan, I read and speak three languages, one of which is English. I don't have the slightest idea what language appears in your posts. It is certainly not English, French or Vietnamese, or any other language with which I am familiar. Seriously, it is such a mess I have no idea what you are trying to say. Could you at least try to write something that can be read AND understood in any of the three languages I've noted? Thanks.

Your real funny blah French blah English blah blah. I misspelled Boise and I don't use the SHIFT key when I write on a message forum. If it’s that bad to you then ignore me. You’re an idiot if you think this is a good deal for UConn. We’re not going to see a dime of profit from this, plus now other teams can get out tomorrow.

 

[Dann]

Translation:
SyraPitt are gone after next year.
Louisville to the B12 is right around the corner, along w/ BYU.
UConn should play a home and home w/ Boise.
Dan likes potatoes, especially at night.

be careful here, while you used the shift key for capital letters so that uc1794 could understand its B12 not b12 you still really made it hard for him to read by adding lingo such as SyraPitt. I know 3 languages, but that doesn’t look like any of them.

 

[uc1974]

I wasn't trying to insult you, Dan. I really couldn't understand what you were saying. As to your last comment, it's not about whether I think the rumored settlement is a good deal or not. $20M is a great deal of money and represents a reasonable monetary settlement of the matter to the Big East and, obviously to WVU and the Big 12. As BL notes, these things are only about money, not about feelings or getting even or making a point. Many times parties in a dispute before me wanted to tell me how they felt. As nicely as possible I let them know the process doesn't care (nor did I officially) and I wouldn't be basing my decision on anyone's feelings, including my own. I respect the fact you don't like the proposed settlement, a part of me doesn't either, but that's too bad for both of us.

 

[Dann]

I wasn't trying to insult you, Dan. I really couldn't understand what you were saying. As to your last comment, it's not about whether I think the rumored settlement is a good deal or not. $20M is a great deal of money and represents a reasonable monetary settlement of the matter to the Big East and, obviously to WVU and the Big 12. As BL notes, these things are only about money, not about feelings or getting even or making a point. Many times parties in a dispute before me wanted to tell me how they felt. As nicely as possible I let them know the process doesn't care (nor did I officially) and I wouldn't be basing my decision on anyone's feelings, including my own. I respect the fact you don't like the proposed settlement, a part of me doesn't either, but that's too bad for both of us.

If I had $20M to split among 5 schools, its alot of money. Split it among 15 schools(most of which don't play the sport), a laywer, the dinner checks and a rtarded commish and its not so much money. Also, how is there not some type of clause in the papers that states something like "WVU can go with the agreed amount of $$ being paid if a replacement is found for there spot in the league for next year schedule wise, if no one can be found to join the league then WVU must pay each football school still in the league(not cuse/pitt) another $5M..."

 

[HuskyHawk]

And there is not going to be any money for the BE or its schools - that money, which started in the SEC, moved to the B12, then to the BE - will end up west of the MS River in the hands of the MWC and Boise. Its called a transfer payment to facilitate Boise's move NOW. The net amount of money to the conference will be close to zero.

You forgot about the cut for the Providence Mafia

 

[MattMang23]

If I had $20M to split among 5 schools, its alot of money. Split it among 15 schools(most of which don't play the sport), a laywer, the dinner checks and a rtarded commish and its not so much money. Also, how is there not some type of clause in the papers that states something like "WVU can go with the agreed amount of $$ being paid if a replacement is found for there spot in the league for next year schedule wise, if no one can be found to join the league then WVU must pay each football school still in the league(not cuse/pitt) another $5M..."

You still forgot the apostrophe in "it's."

Just kidding man. I understand your posts completely.

 

[businesslawyer]

I wasn't trying to insult you, Dan. I really couldn't understand what you were saying. As to your last comment, it's not about whether I think the rumored settlement is a good deal or not. $20M is a great deal of money and represents a reasonable monetary settlement of the matter to the Big East and, obviously to WVU and the Big 12. As BL notes, these things are only about money, not about feelings or getting even or making a point. Many times parties in a dispute before me wanted to tell me how they felt. As nicely as possible I let them know the process doesn't care (nor did I officially) and I wouldn't be basing my decision on anyone's feelings, including my own. I respect the fact you don't like the proposed settlement, a part of me doesn't either, but that's too bad for both of us.

You needed to take a lesson from Will Farrell in Talladega Nights and start your criticism with "in all due respect." Then you can say whatever you want!

 

[uconndogs]

I will never understand why the Big East agreed to this settlement. The conference needs time and that 27 months provided that. Pitt and Cuse will be gone after this next football season I have to believe.

On another note, there is not a single shread of integrity left in major college sports. It simply does not exist. The general business climate operates with a far, far highter eithical base.