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Post by bostonfriar on Mar 8, 2013 10:05:45 GMT -5
This shouldn't hold up the split IMO-hopefully. Aresco is not signing the agreement paperwork right now so while the split of BB7 and the FB fight should be seperate matters unless the paperwork is signed this is all verbal. Not sure we have leverage to make the signing happen sooner. |
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Post by drairf on Mar 8, 2013 10:28:44 GMT -5
exactly why the hoops schools should split the new contract equally once the start up costs are absorbed... Completey agree. Obviously costs have to be taken care of, but after that all schools in our league should be in this together on equal footing. No more B.S. |
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Post by TheInfoMan on Mar 8, 2013 10:33:01 GMT -5
Not sure we have leverage to make the signing happen sooner. Until the split is signed by Aresco, the C7 should still not only have voting rights, but majority voting rights. Therefore, (if I'm right) we can make life very difficult for Aresco. If he's smart he should sign the split. It's always easier to fight a war on one front than it is on two. |
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Post by wtm97 on Mar 8, 2013 11:50:56 GMT -5
INFO? yup. Cashless exchange with a + side; potentially a HUGE + side but we will see... I say again... "Consider we did not PAY to get out - we GOT PAID. The 110 mil is funny money (to us anyway - and how much of that did we EARN? ). Let the soon to be anointed "America 12" to divvy up whatever the left-over league will cling to as the purchased identity nobody cares about - NOBODY." |
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Post by wtm97 on Mar 8, 2013 20:04:48 GMT -5
Latest from jerseyguy...interesting the legal and consultant fees are huge and guess what? All of it cost us $0...
And looking at the so-called money left on the table by the departing schools aka the true BIG EAST, consider a lot of that was football $$$ anyway - cost us $0 - we actually made $$ in the departure.
Also keep in mind that big payout to the core of three, (UCONN, CINCY and USF), is paid out over 5+ years meaning...if they bolt; the big payday will quickly become the big EXIT FEE payout???
This whole "C7" repetition is seen by some as an ESPN driven moniker - expect more negative spin now that their empire is a focus of Murdoch/Fox.
Here is jerseyguy's opinion...
Big East cost of business: $15 million in legal fees?
Now that the Big East and Catholic 7 have officially filed their divorce papers, the logical question is: What’s next?
But before any speculation begins, it might be time to take a survey at the landscape. The biggest winners, as is in most domestic disputes, are the lawyers.
Source familiar with the discussions being held during the past three months, estimate that the Big East legal fees could top out at the $15 million range.
Which might explain why there was a money fight over distribution of the remaining funds. IF you use the estimate of $100 million in available funds, and immediately take 10 million as compensation for the Catholic 7, $15 million in legal fees and then another $5 million to handle new operating costs which may occur you are down to 70 million to be distributed among the remaining members of the soon to be renamed football conference.
And that total includes money that still must be collected from departing schools such as Rutgers and Louisville. In any scenario, the payouts would not be in one lump sum, but over a period of 5 or 6 years.
Using that formula, even if schools such as UConn, Cincinnati and South Florida were given 30 million, spread over 6 years, a 5 million pay check is not exactly the same as winning the lottery for schools whose budgets are already dealing with increasing deficits.
But moving past the financial matters, the reality of life apart for both groups now looms.
Here’s the way it could unfold.
Let’s start with the Catholic 7 Seton Hall, DePaul, Georgetown, Marquette, Villanova, Providence and St. John’s. They will move quickly–perhaps as soon as next week in New York– to invite Butler, and Xavier and Creighton, which will make 10 teams for the 2013-2014 season.
Discussions will be held on expanding to 12 teams within a year, with Saint Louis, Dayton and Richmond the primary schools of interest.
The key “inside the ropes” element will be to find a commissioner to put all of this together. And where will the conference offices be located. Right now the debate is between Providence–cheaper and easier to staff with people who know what they are doing, especially in regards to the Big East.-or Washington D.C.
If the Catholic 7 were wise they would focus their attention on former Big East Associate Commissioner Dan Gavitt, who is now running the NCAA basketball tournament.
Gavitt loves his job with the NCAA. But he also loves Providence, and the Big East–since his father Dave Gavitt created the conference. A move to call Gavitt home, with a huge bump in salary, might be a deal maker. Although Gavitt has only been with the NCAA for one season, the Catholic 7 group could make him a “Godfather” offer.
If they want to go into another direction, the next two names which jump out are West Coast Commissioner Jamie Zaninovich, who has Princeton and Georgetown connections and current George Mason athletic director Tom O’Connor. Both men could do good jobs. in either of those cases, the offices would probably be shifted to Washington D.C.
After that, the search turns murkier. There are qualified candidates, but finding them and matching them to the job, becomes more problematical.
*
Next, the football side. More complicated in many ways, less in others.
The first task will be to find a name for the conference since after July 1, the Big East name will no longer be available. The America 12 conference name was floated as a possibility and may be taken down because of so many shots against it which came from various places inside the league and outside the league.
I still like using the word “Metro”, which would fit all of the schools in the conference other than East Carolina. And I’m still offering Big Metro Athletic Conference (Big Mac) free of charge with the idea of teaming up with McDonald’s on promotional and sponsoring deals as a way to entice more of the twitter generation to games.
Whatever it is named the league will consist of 10 teams in football next season: Temple, Connecticut, South Florida, Cincinnati, SMU, Memphis, Houston, UCF, Rutgers and Louisville. Rutgers and Louisville will leave for the Big Ten and ACC in 2014 and be replaced by Tulane and East Carolina. Navy is expected to join the league in 2015, which would make 11 teams and a 12th team will be added, with Tulsa regarded as the main target.
Watch out for Navy though, which made its deal with the Big East as a BCS school with BCS guaranteed bowl money. Without that money, how attractive is this new league for Navy in football only since finding opponents is not a Navy problem.
In the aftermath of all of this, both sides came out on Friday with tentative statements, indicating that much work still had to be done.
The Catholic 7 issued a group statement, thanking Big East Commissioner Mike Aresco for his hard work and support during the talks.
Aresco, after congratulating the Catholic 7 schools and wishing them luck, talked about the name of his old, new conference. “”We have not chosen a new conference name at this time,” said Aresco in a statement and there are no favorites. “”We are going through a thoughtful evaluation of potential names in a timely manner through a comprehensive and deliberate process that involves our presidents and athletic directors as well as consultants from inside and outside the conference. We are excited about the prospects of re-branding and look forward to working with our institutions and our fans as we engage in this process.”
Aresco must also find a new home for his newly named conference, with a rotating series of sites the most likely scenario, with Hartford, Ct. or Memphis the most likely first stop.
The issue of distributing the nearly 100 million dollars in funds from exit fees and other sources of revenue will continue to be negotiated among the football schools.
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Post by thewalk on Mar 8, 2013 21:18:11 GMT -5
Wtm..didnt we hire a firm? I doubt they're working probono...just didn't come out of the be pot.
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Post by wtm97 on Mar 8, 2013 21:22:08 GMT -5
I think all of the $15 mil covers everything - our lawyers; their lawyers and our media guy too...
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Post by thewalk on Mar 8, 2013 21:44:25 GMT -5
Interesting
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). Let the soon to be anointed "America 12" to divvy up whatever the left-over league will cling to as the purchased identity nobody cares about - NOBODY."