After a near two-year battle between the Atlantic Coast Conference and the University of Maryland, the two sides have finally agreed to a settlement regarding Maryland’s exit fee en route to the Big Ten. The deal will see the University of Maryland pay a $31.4 million exit fee, as opposed to the $52 million exit fee the league voted upon last year.
*Maryland and Florida State were the only two teams to vote against the original exit fee, seen by many as protection should either of the two decide to leave the conference.
After the Terps decided to leave the conference, the ACC subsequently sued the Terrapins for being unable to afford the expenditure to exit. Then, Maryland counter-sued the ACC for withholding the above-allotted money generated from bowl revenue and television.
Now, the two organizations will be able to go their separate ways as Maryland moves on to the Big Ten and the ACC welcomes Louisville for the first time.
Maryland president Wallace D. Loh said in a statement yesterday, “The University of Maryland is proud of our long and storied 61-year association with the Atlantic Coast Conference. Today’s agreement helps usher in exciting new eras for both the university and the ACC.”
