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MIssouri's Big 12 buyout finalized

MIssouri's Big 12 buyout finalized

Paying $12.4 million

February 28th, 2012 in News

IRVING, Texas (AP) - Texas A&M and Missouri have agreed to pay $12.4 million each to leave the Big 12 and join the Southeastern Conference in July.

Big 12 interim commissioner Chuck Neinas said Tuesday in a statement the agreements were reached "though a collegial, respectful process among the Conference, its institutions," and the departing schools.

Texas A&M will receive unspecified benefits from the Big 12's new television contract with Fox Sports and "certain other concessions."

"We appreciate the Big 12 working with us on a quick and amicable settlement," said Texas A&M president R. Bowen Loftin, who indicated the bottom-line financial impact of the withdrawal settlement for the university will be $9.31 million.

Missouri waived any claims to revenue from the TV deal, which takes effect in July, and agreed to pay the Big 12 another $500,000 to cover officiating expenses for 2011-12.

"We are pleased to have these issues resolved and we wish the Big 12 and its continuing member institutions the best in the future," University of Missouri chancellor Brady Deaton said.

The Big 12 is adding TCU and West Virginia next season to replace Texas A&M and Missouri. The Mountaineers and the Big East settled competing lawsuits earlier this month, with the Big East receiving $20 million from the school and the Big 12 for West Virginia to join next football season.