The Big 12 announced it has reached an agreement with Texas A&M University regarding its withdrawal from the Conference effective June 30, 2012. The agreement has been approved by Texas A&M and by the governing boards of the Big 12's eight continuing member institutions.
The Conference will withhold an estimated $12,410,000 from Texas A&M's projected distribution for fiscal year 2012. However, the parties agreed that A&M will receive a portion of the benefit received by the Big 12 Conference from the signing of its television contract with Fox Sports, scheduled to commence July 1, 2012, and certain other concessions.
A Texas A&M official indicated that the net penalty will be approximately $9,300,000 once items like direct payments from the NCAA, bowl payouts, conference office expenses and officiating reimbursements are taken into account.
Big 12 Conference Commissioner Chuck Neinas stated, "This agreement was accomplished through a collegial, respectful process among the Conference, its institutions, and Texas A&M University that led to a resolution that all parties believe is fair."
"On behalf of Texas A&M University and Aggies worldwide, I would like to thank the Big 12 and its member institutions for the many memories over the past 16 years. We value our ongoing academic and athletic relationships with Big 12 members, and it is our hope to continue many of our longstanding athletic rivalries in the future," said Texas A&M President R. Bowen Loftin. "We appreciate the Big 12 working with us on a quick and amicable settlement."
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