Big 12 withholds $12.4 million for Missouri to leave conference

Tuesday, February 28, 2012 | 5:17 p.m. CST; updated 5:46 p.m. CST, Tuesday, February 28, 2012

COLUMBIA — Missouri won't be getting an estimated $12.4 million in revenues from the Big 12 Conference because it is leaving for the Southeastern Conference.

The withholding of revenues was one part of the agreement Missouri and the Big 12 made to finalize the school's withdrawal from the conference, the Big 12 announced Tuesday.

"We are pleased to have these issues resolved, and we wish the Big 12 and its continuing member institutions the best in the future," MU Chancellor Brady Deaton said in the statement. 

Missouri also is waiving any claim to money earned from the television contract the Big 12 has with Fox Sports. In addition, the school agreed to pay the Big 12 for its share of officiating expenses for 2011-12 athletic year (about $500,000).

"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," Big 12 Commissioner Chuck Neinas said in the statement.

Texas A&M has also agreed to forgo $12.4 million in revenues to leave the conference. 

Missouri officially becomes a member of the Southeastern Conference on July 1.

The Big 12 is adding TCU and West Virginia next season. The Mountaineers and the Big East settled competing lawsuits earlier this month, with the Big East receiving $20 million from the school and the Big 12 for West Virginia to join the Big 12 next football season.

— the Associated Press contributed

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