Oregon State, Washington State reach settlement with Pac-12’s departing members, ending months-long battle

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Oregon State and Washington State reached a settlement with the Pac-12’s departing 10 members, officially bringing an end to the months-long legal battle over the conference’s future. Combined, Oregon State and Washington State will make $65 million in 2024 from the fiscal distributions of the departing members, with apportioned distributions going through June consisting of withheld ($5 million) and supplemental ($1.5 million) revenue. 

The settlement notes that the departing members “shall have no vote, direction, input, or other power with respect to the Conference’s (Pac-12) use, allocation or expenditure” of those funds. 

That means Oregon State and Washington State can apportion those funds with impunity, a boon for the remaining Pac-12 programs as they navigate an uncertain future. Moreover, the departing members cannot seek to dissolve the Pac-12 unless both OSU and WSU consent in writing. Further protections allow the remaining Pac-12 schools to seek an injunction if a departing member moves to dissolve the Pac-12, with severe financial penalties accrued for such an action. 

The settlement also confirms that departing members are not entitled to any revenue generated during and after 2025. The 10 departing schools are each set to join their respective new conferences in July 2024. 

Washington State and Oregon State have been hard at work improving their immediate outlook following the Pac-12’s effective dissolution. In December, the two programs announced they will join the West Coast Conference as affiliate members in all sports except football and baseball…

Source link : https://www.cbssports.com/college-football/news/oregon-state-washington-state-reach-settlement-with-pac-12s-departing-members-ending-months-long-battle/

Author : Will Backus

Publish date : 2024-03-25 18:32:05

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