Catholic 7 caves in; FB schools hit $30 million jackpot
In the end, in a financial battle of “chicken” the Catholic 7 group of schools wanting to leave the Big East, sooner, rather than later, blinked and backed down, accepting a financial buyout far below what they hoped to receive.
According to sources familiar with the talks that have been held between the Catholic 7 group of schools and the Big East football schools, the deal that will be finalized and announced on Wednesday will pay each of the remaining football schools-Connecticut, Cincinnati and South Florida nearly $30 million each from a conference cash reserve in excess of $114 million.
The Catholic 7 group–Seton Hall, DePaul, Georgetown, Villanova, St. John’s Georgetown and Providence–had hoped to each receive between $3 and 5 million from that pot. They will take half of that, with each school receiving approximately $1.5 million.
The rest of the money will be divided between the 8 incoming Big East schools, who will divide approximately $10 million. The remaining money–between $3 and 5 million will go into a Big East operating funds account.
Had the Catholic 7 waited until July 1, 2014 to leave, the cash payout would have been significantly higher but with pressure from the new Fox Sports Cable network which is starting this summer and will use the Catholic 7 league as a cornerstone for its programming, Fox put pressure on the Catholic 7 to leave sooner rather than later and also take the Big East name.
The Big East is expected to announce the official break up on Wednesday, as well as its 2013 conference football schedule.
Still to come, will be the renaming of the football conference, as well as a new site for the basketball tournament, since the Catholic 7 group will take the Big East name and is expected to sign a deal to play its tournament in New York City’s Madison Square Garden.
In what has been a long and draining siege on the conference, including the remaining football surviving members of South Florida, Cincinnati and UConn, who have been left out of the conference reconfiguration derby, a pay-day of $30 million will reduce will temporarily reduce much of the angst.
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“@blauds: Catholic 7 caves in: Big East FB schools hit $30 million pay day. Deal will be announced on Wednesday
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