When Syracuse reached an exit agreement with the Big East earlier this week allowing the Orange to leave for the ACC in 2013, it was expected that Pitt wouldn’t be too far behind.
That has indeed become the case. In a joint release, the Big East and Pitt announced that the Panthers will also be joining the ACC on July 1, 2013 as well. And, like Syracuse, Pitt will pay a buyout of $7.5 million, or 150 percent of the old conference bylaws mandating a $5 million exit fee.
Pitt had previously filed suit against the Big East in May, likely out of fear that they would be held to the 27-month waiting period since the conference was going through a period of instability with leadership (John Marinatto had “resigned”) and lacked a solid TV deal.
Below is the release from the Big East:
The Big East Conference and the University of Pittsburgh announced today that both organizations have reached an agreement on Pittsburgh’s departure from the Big East and move to the Atlantic Coast Conference (ACC). Under the terms of the agreement reached between the Big East and Pittsburgh, Big East members will vote, in accordance with the Big East’s bylaws, to terminate Pittsburgh’s membership in the Big East effective July 1, 2013, at which point Pittsburgh will join the ACC. In addition to other consideration, Pittsburgh will make a total cash payment to the Big East of $7.5 million, which includes the $5 million withdrawal fee under the Big East Bylaws applicable at the time Pittsburgh gave notice of withdrawal.
“This is another step for the Big East to take toward a very exciting future. With the addition of our eight new members, the Big East will be incredibly strong and vibrant,” said Joe Bailey, Interim Commissioner of the Big East.
Steve Pederson, Athletic Director for the University of Pittsburgh said: “We have appreciated and enjoyed our membership in the Big East and wish them much success in the future. We are anxious to compete in our final season in the Big East and look forward to an exciting future in the Atlantic Coast Conference.”