Feb. 29 (Bloomberg) -- Texas A&M University and the University of Missouri will sacrifice a combined $25.3 million as part of an agreement to leave the Big 12 conference for the Southeastern Conference on July 1.
Big 12 officials said in a statement yesterday that they will withhold an estimated $12.4 million from Texas A&M’s projected distribution for this year. The school will still get a portion of the proceeds the league received from the signing of its television contract with Fox Sports.
The conference said it will withhold $12.4 million in revenues set to go to Missouri, which agreed to waive any claim to benefits from the Big 12 television deal. Missouri also agreed to pay the conference $500,000 for its share of officiating expenses for the 2011-12 athletic year.
“We are pleased to have these issues resolved and we wish the Big 12 and its continuing member institutions the best in the future,” Missouri Chancellor Brady Deaton said.
The departures of Missouri and Texas A&M for the SEC came a year after Nebraska left the Big 12 for the Big Ten and Colorado exited to join the Pacific 12. The Big 12 is adding West Virginia and Texas Christian next season.
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