Oklahoma and Texas will every spend yet another season as members of the Big 12 Conference earlier than setting off on a brand new journey within the Southeastern Conference.
The Big 12 introduced Thursday night that the conference had agreed in precept to phrases with both OU and Texas, allowing both colleges to go away the league one year sooner than initially anticipated for a value of $100 million.
The phrases, topic to closing approval from the governing boards at both colleges, are being described as foregone distributable revenues by the Big 12, whereas Oklahoma and Texas are in a position to partially offset the associated fee 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,” mentioned Commissioner Brett Yormark in a Big 12 launch. “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. I appreciate the approaches of OU President Joe Harroz and UT President Jay Hartzell to ensure an amicable conclusion to this process, and look forward to the bright days ahead for the Big 12 Conference.”
SEC Presidents and Chancellors voted 14-0 in June 2021 in favor of inviting OU and UT to be part of the conference in all sports activities efficient July 1, 2025. That will now be moved up one year, giving both establishments the chance to turn out to be SEC members on the conclusion of the 2023-24 athletic year.
Later this year, on July 1, the Big 12 welcomes BYU, Central Florida, (*12*) and Houston as new members to what will probably be a 14-team league for the upcoming season.
Following the departure of Oklahoma and Texas, the league will probably be at 12 groups.
The Big 12’s media rights deal expires in June 2025.
Thursday’s news means West Virginia is sort of actually achieved enjoying the Longhorns in soccer for the foreseeable future. With 14 groups enjoying a nine-game conference schedule within the 2023 soccer season, the Mountaineers don’t face Texas. They will, nonetheless, play at Oklahoma on November 11.
WVU can even meet every of the 4 new additions to the Big 12, welcoming BYU and (*12*) to Morgantown and enjoying at Houston and Central Florida.
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