Post by The Admin on Feb 10, 2023 9:06:21 GMT -6
OU, Texas will leave for SEC after 2023-24 year, Big 12 announces
www.koco.com/article/big-12-conference-announces-ou-texas-sec-2023-24-year/42819672
www.koco.com/article/big-12-conference-announces-ou-texas-sec-2023-24-year/42819672
The Big 12 Conference announced Thursday that the University of Oklahoma and The University of Texas have agreed to terms to officially leave the conference.
The two teams will exit the conference for the SEC following the 2023-24 athletic year, one year earlier than originally announced, according to the Big 12. The decision is subject to final approval from the OU and UT governing boards.
The amount of money the schools would pay to the Big 12 for the withdrawals totals $100 million in foregone distributable revenues. The conference said the schools would be able to partially offset these costs with future revenues.
“As I have consistently stated, the Conference would only agree to an early withdrawal if it was in our best interest for Oklahoma and Texas to depart prior to June 30, 2025,” said Commissioner Brett Yormark in the conference's statement. “By reaching this agreement, we are now able to accelerate our new beginning as a 12-team league and move forward in earnest with our initiatives and future planning."
The Big 12 Conference will welcome BYU, Central Florida, Cincinnati ad Houston during the 2023-24 season.
"These terms further guarantee the sustainability, stability, competitiveness and excellence of us all,” said OU President Joseph Harroz Jr. in the news release. “The exciting matchups and passionate rivalries of the past quarter century will always be a celebrated part of our shared history. We look forward to showcasing that intensity this season, next season and beyond.”
The two teams will exit the conference for the SEC following the 2023-24 athletic year, one year earlier than originally announced, according to the Big 12. The decision is subject to final approval from the OU and UT governing boards.
The amount of money the schools would pay to the Big 12 for the withdrawals totals $100 million in foregone distributable revenues. The conference said the schools would be able to partially offset these costs with future revenues.
“As I have consistently stated, the Conference would only agree to an early withdrawal if it was in our best interest for Oklahoma and Texas to depart prior to June 30, 2025,” said Commissioner Brett Yormark in the conference's statement. “By reaching this agreement, we are now able to accelerate our new beginning as a 12-team league and move forward in earnest with our initiatives and future planning."
The Big 12 Conference will welcome BYU, Central Florida, Cincinnati ad Houston during the 2023-24 season.
"These terms further guarantee the sustainability, stability, competitiveness and excellence of us all,” said OU President Joseph Harroz Jr. in the news release. “The exciting matchups and passionate rivalries of the past quarter century will always be a celebrated part of our shared history. We look forward to showcasing that intensity this season, next season and beyond.”
