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Washington won the final Pac-12 football title game over Oregon. (Photo by Ric Tapia/Getty Images)
The legal wrangling over who controls the Pac-12’s board and assets is over.
The 12 schools currently in the conference released a statement Thursday night saying that they had reached a settlement regarding their fight for who gets what in the conference. The settlement comes after the Washington Supreme Court ruled in favor of Oregon State and Washington State — the two remaining Pac-12 members after the 2024 school year — and said they had control of the conference’s revenue and assets.
Per a statement from Oregon State president Jayathi Murphy and Washington State president Kirk Schulz, the 10 teams leaving the conference at the end of the spring sports season agreed to “forfeit a portion of distributions over the rest of the 2023-2-24 year and provide specific guarantees against potential future liabilities.”
Oregon, UCLA, USC and Washington are heading to the Big Ten next season while the Big 12 is scooping up Arizona, Arizona State, Colorado and Utah. UCLA and USC announced they were leaving the conference in the summer of 2022, and the Pac-12 officially fell apart this summer when Oregon and Washington went to the Big Ten and the Big 12 added the four schools.
Those moves left the Pac-12 at four schools with Cal and Stanford along with OSU and WSU. But Cal and Stanford are joining the ACC.
The Pac-12’s assets are estimated at around $400 million.
“In September, as the two remaining members of the Pac-12 Conference, Oregon State University and Washington State University were forced to act swiftly to protect the future viability of the Pac-12,” the statement said. “ … Today’s news marks a huge victory for our universities and a significant step toward stabilizing the Pac-12 conference and…
Source link : https://sports.yahoo.com/oregon-state-and-washington-state-reach-pac-12-settlement-with-departing-schools-014834788.html
Author : Yahoo Sports
Publish date : 2023-12-22 01:48:34
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