Mizzou to Pay Big 12 Almost $13 Million
COLUMBIA -- The Big 12 Athletic Conference Tuesday charged Mizzou $12.9 million to get a divorce and marry the SEC.
In the agreement, the Big 12 will withhold more than $12 million dollars from the revenues otherwise due the University this year. Also, MU will waive any benefits from the Big 12 television contract with Fox Sports. Missouri has also agreed to pay the Big 12 conference for its share of officiating expenses for the 2011-2012 athletic year, approxximately $500,000.
Big 12 Conference Commissioner Chuck Neinas said of the resolution, "This agreement was accomplished through a collegial, respectful process among the Conference, its institutions, and the University of Missouri that led to a resolution that all parties believe is fair."
MU Chancellor Brady Deaton said, "We are pleased to have these issues resolved and we wish the Big 12 and its continuing member institutions the best in the future."