SI: Notre Dame Set to Jump to ACC in 2013 (all but football)

[The Viking]

Looks like the BE Presidents will vote on it on Tuesday

http://college-basketball.si.com/2013/03/11/notre-dame-set-to-jump-to-acc-next-year/

The economics of Notre Dame’s exit will be similar to the departing Catholic Seven basketball schools, meaning it will keep its NCAA basketball units and take a small amount of the Big East reserve fund.
Because Notre Dame left the Big East under a Mutual Commitment Agreement -– the same method as the Catholic Seven -– it was not subject to the traditional exit fee it would have faced if it stayed in the league for 27 months. Notre Dame’s fee will essentially end up forgoing any claims to the estimated $70 million the Big East has stashed away in exit and entry fees. (That number is liquid due to litigation and other factors.)

 

[RS9999X]

Reads like an Aresco deal. Notre Dame leaves early with money in its pocket. Bizarro Aresco says "I paid them to go away. No one wanted them."

Sent from my Lumia 920 via Windows 8. Now bite me Apple Droids.

 

[Ricky1Moore]

These negotiations make you wonder what they have on Aresco. Loss of the Big East name is what pisses me off the most. To me, that was a huge card, worthy of its own massive fee, or other consolations... He gave it away for nothing. (Btw I'm not that bothered about the Catholics taking the name, think that fits best, but it was chip that could have been leveraged much better, also his NYC law firm is terribly unknown here... Does not instill confidence... though I don't know them personally, I know the best ones...)

 

[specialisthusky]

wait you mean to tell me that ND who is the next in line to abandon ship is taking its basketball credits AND some of the Big East reserve funds? I'm sure Aresco did not even think of asking for an exit fee to get out a 20 months early from their contract.

 

[ConnHuskBask]

ND leaves and takes Big East money?

I don't even know what you can say at this point.

 

[coachcap]

Once again the Leprechauns protect the pot of gold at the end of the rainbow. Well at least we'll be rid of the leeches & they can suck the lifeblood out of the carpetbaggers & their new friends.

 

[BFieldHusky]

Not sure that the original report was accurate. From McMurphy this morning:

Notre Dame and the Big East have reached an agreement allowing the Fighting Irish to leave the league two years early and join the ACC on July 1, sources told ESPN.
Notre Dame will pay about $2.5 million to exit the league, sources told ESPN.
Notre Dame's exit agreement with the Big East requires the Fighting Irish to provide 27 months notice and does not require an exit fee. But the Fighting Irish and Big East agreed on the $2.5 million amount to let Notre Dame move to the ACC ahead of schedule.
The Fighting Irish's move to the ACC will be official, pending the expected approval from the Big East's presidents in a Tuesday morning teleconference. The league is expected to announce Notre Dame's departure by noon Tuesday.

 

[gioff23]

That post was updated to reflect NO exit fee. Apparently, the deal is they waive their right to other fees (exit fees).

 

[noeynox]

I'm astonished that 15 million is going to lawyer fees. That seems like an insane amount for lawyers and consultants.

 

[businesslawyer]

I'm astonished that 15 million is going to lawyer fees. That seems like an insane amount for lawyers and consultants.

Bite your tongue!

 

[huskymedic]

http://espn.go.com/college-sports/s...irish-exit-2-years-early-join-acc-source-says

"Sports Illustrated reported Monday night, however, that Notre Dame was not required to pay an exit fee because the school agreed not to seek any of the league's exit and entrance fee revenue of about $110 million accumulated in the past few years. A source confirmed those terms to ESPN on Tuesday morning."

 

[businesslawyer]

People are arguing over words instead of substance. Whether they "pay an exit" fee versus "relinquish rights to future monies" is a distinction without a difference. They only issue is what moneys they are netting out after being charged for leaving early, and there hasn't been any report yet that gives us enough true information to know if they deal makes sense or not.

 

[ctchamps]

People are arguing over words instead of substance. Whether they "pay an exit" fee versus "relinquish rights to future monies" is a distinction without a difference. They only issue is what moneys they are netting out after being charged for leaving early, and there hasn't been any report yet that gives us enough true information to know if they deal makes sense or not.

You know we lynch people who take away our emotional rants particularly if they are using logic against it!

 

[businesslawyer]

You know we lynch people who take away our emotional rants particularly if they are using logic against it!

Yeah, I know. But you'll have to stand in line behind a number of my clients to do so.

 

[upstater]

If it's true that ND isn't paying an exit fee, they are being let off lightly. Since the bylaws state that any school that chooses to leave relinquishes assets. ND is not like the Catholic 7 who have the right to leave en masse when they want WITH assets. It's not in that category. ND is like Louisville and Rutgers but without the exit fee.

So, why let them off lightly? Maybe UConn, Cincy and USF are making a strategic decision.

 

[PRHusky]

If it's true that ND isn't paying an exit fee, they are being let off lightly. Since the bylaws state that any school that chooses to leave relinquishes assets. ND is not like the Catholic 7 who have the right to leave en masse when they want WITH assets. It's not in that category. ND is like Louisville and Rutgers but without the exit fee.

So, why let them off lightly? Maybe UConn, Cincy and USF are making a strategic decision.

Agree 100% with this. UConn must keep ND as happy as possible. I believe they can be one of our biggest allies as far as future ACC membership goes.

 

[SubbaBub]

I am assuming that the bylaws gave the departing schools a stronger claim on exit fees and NCAA credits than, "if you leave, you lose."

The remaining schools had the hammer of the 27 month notice and the individual departing schools felt it was better to let go the money they haven't seen for an early exit minus a few dollars for gas, parking, and tolls.

So, $ 10M for the C-7, something similar for ND and it's have a nice day.

Probably the first time the interests of the FB schools, BB schools and ND have been aligned since the 90's.

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[upstater]

I am assuming that the bylaws gave the departing schools a stronger claim on exit fees and NCAA credits than, "if you leave, you lose."

The remaining schools had the hammer of the 27 month notice and the individual departing schools felt it was better to let go the money they haven't seen for an early exit minus a few dollars for gas, parking, and tolls.

So, $ 10M for the C-7, something similar for ND and it's have a nice day.

Probably the first time the interests of the FB schools, BB schools and ND have been aligned since the 90's.

Sent from my MB860 using Tapatalk 2

No.

The bylaws only gave those rights to the C7. ND wanted to be treated differently. It was. ND wanted the right to leave whenever it wanted with no exit fee. None of the C7 schools could leave with no exit fee unless they left en masse. And only then did they retain the rights to their assets.

 

[huskymedic]

Paul Doyle (@PaulDoyle1)
3/12/13, 8:03 PM
Interesting: Notre Dame AD Mum On Question Of UConn & ACC
http://courantblogs.com/uconn-women/notre-dame-ad-mum-on-question-of-future-acc-support-for-uconn/

 

[TerryD]

http://www.chicagotribune.com/...ol...5052.story

"Notre Dame's exit for all intents paralleled the Catholic 7's split Friday, according to sources familiar with the talks. The Irish paid no exit fee, per se, but agreed to claim a relatively small share of the Big East's cash reserves — one source put it at $1 million — while the football schools retained the bulk of that pool.

Notre Dame also took its NCAA tournament units, as the Catholic 7 did, a critical component in stockpiling postseason money for both the school and the ACC."