The Big 12 announced today that it has reached an agreement with Texas A&M officials on what it will cost A&M to withdraw from the Big 12 Conference.â†µ
Texas A&M had announced last fall that it was going to discontinue its affiliation with the Big 12, effective June 30 this year, and become a new member of the Southeastern Conference.â†µ
Interim Big 12 commisioner Chuck Neinas said the Big 12 will withold an estimated $12.4 million from Texas A&M’s projected revenue distribution for 2012. Under the terms of the exit agreement, however, the two parties agreed that A&M would receive a portion of the benefit received by the conference from the signing of the new television contract with Fox Sports, which will go into effect July 1.â†µ
The agreement has been approved by Texas A&M and the governing boards of the Big 12’s eight continuing member institutions, Neinas said.â†µ
It is uncertain at this time if similar exit terms will apply to the University of Missouri, which also is leaving the Big 12 for the Southeastern Conference.