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A potential multibillion-dollar settlement of an antitrust lawsuit cleared the second of a three-step NCAA approval process Tuesday, and the presidential boards of two of the five conferences named in the complaint voted to approve the deal.
The NCAA Division I Board of Directors voted to move forward on a proposed $2.77 billion settlement of House vs. NCAA, according to two people who had been briefed on the vote. They said the vote was not unanimous, but it was unclear exactly how the 24 member-board voted.
The people spoke to The Associated Press on condition of anonymity because the NCAA was not revealing its internal discussions related to the settlement. The NCAA Board of Governors still must sign off on the deal for final approval. It is scheduled to meet later this week.
The D-I board’s finance committee recommended on Monday to stick with the original finance plan for the settlement, which has drawn the ire of non-power conference leaders who believe their leagues will bear a disproportionate financial burden.
The NCAA, Big Ten, Big 12, Atlantic Coast Conference, Pac-12 and Southeastern Conference are defendants in the House case, a class-action lawsuit that seeks back pay for college athletes who were denied name, image and likeness compensation dating to 2016. The NCAA lifted its ban on athletes earning money for sponsorship and endorsement deals in 2021.
The Big 12 on Tuesday became the first conference to approve the settlement, with its board of university presidents and chancellors voting unanimously in favor, another person with direct knowledge of the decision told the AP. The person spoke on condition of anonymity because the conferences were not making any public statements about the settlement for now.
Later Tuesday, the ACC presidents also…
Source link : https://sports.yahoo.com/proposed-2-8-billion-settlement-044046011.html
Author : NBC Sports
Publish date : 2024-05-23 04:40:46
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