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When is the payment dispersed to the member schools - or is it?
Who, exactly, gets the 50 mil that UMD has to pay up? And how is the debt structured. One lump sum, payment plan...? If GT leaves, same question..
Here's where I'm going. I was talking with a friend this AM and he was suggesting that VT and FSU (Clemson etc.) could be using these other guys leaving as a "deposit" on their exit fee.
100 Mil (if they get it is about 8.5 mil per team) We could take that coin and help it to finance our buy out.
Last thought. Imagine the cash windfall that Wake Forest would get by having 6 schools leave them in the dust! Nice parting gift!!!
According to the attached article, the exit fee was due as soon as Maryland (or any school) announced their intentions of leaving. Per the contract, Maryland should have already paid it in one lump sum. Maryland didn't, thus the ACC filed suit against Maryland. Not sure if Maryland attempted to negotiate an installment plan with ACC, or just told them that we'll see you in Court.
The article also goes on to explain why the ACC will have a difficult time enforcing this in Court. The exit fee is based on three times the annual operating budget of the ACC at the time a school withdraws. At the time Maryland withdrew, the operating budget was $17,422,114. Multiplied by three, the exit fee for Maryland is $52,266,342. If schools continue to leave, it shouldn't affect that figure as it is based on the current annual operating budget at the time the school departs.
That fee doesn't take into account the damage done to the ACC by Maryland leaving. Why is Maryland responsible for paying three times everyone's operating budget. It's an arbitrary number, and will be viewed as punitive if it goes to Court.
That's my understanding from this article anyway.
COLLEGE PARK, MD - NOVEMBER 19: University System of Maryland Chairman of the Board of Regents James L. Shea looks on during a press conference announcing that Marylands decision to join the Big Ten Conference. (Image credit: Getty Images via @daylife) The Atlantic Coast Conference (ACC) has filed a lawsuit in [...]
they should take what ever they get and put it towards starting an acc network tv channel. im sure all teams would be ok with it going to that
check Swofford's back pocket!!!
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