July 16 (Bloomberg) -- Syracuse University and the Big East Conference agreed on a $7.5 million cash buyout that will allow the school to move to the Atlantic Coast Conference as scheduled in 2013.
One of the Big East’s founding schools in 1979, Syracuse announced in September that it was leaving to accept an invitation from the ACC.
The Big East typically requires schools to pay a $5 million exit fee and give 27 month notice before leaving. As part of the agreement, Big East members will vote to terminate Syracuse’s membership effective July 1, 2013.
“This closes a chapter and opens a new one filled with exciting possibilities for the Big East’s future,” Joe Bailey, the conference’s interim commissioner, said in a statement. “With the recent addition of eight schools to the Big East, the future for the conference has never been brighter.”
The Big East lost Texas Christian University and West Virginia to the Big 12 conference, and will also lose Pittsburgh to the ACC. TCU left before it ever played a Big East game.
The conference offset those losses by luring eight new members. Temple University will join this year. The University of Memphis, Southern Methodist University, the University of Central Florida, the University of Houston, Boise State University and San Diego State University will join in 2013, and the U.S. Naval Academy will be added in 2015.
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