Texas A&M agrees to $12.4 million payout for Big 12 exit

[TexasTowelie]

Texas A&M has cleared its final hurdle on the way to the Southeastern Conference by reaching an exit fee agreement with its former conference, the Big 12.

The Aggies will lose about $12.41 million in revenue payouts that the Big 12 would have paid to the university this year, the two sides announced Tuesday. That money would have mostly been its share of the conference's television contracts for football and basketball.

But, the Aggies will also withhold about $3.1 million that it would normally have paid back to the Big 12 for direct NCAA payments, bowl payouts and officiating reimbursements. That means the overall financial hit the Aggies will take will be about $9.31 million, A&M officials said.

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A&M officials announced that they will make up for the lost Big 12 money with athletic reserves and discretionary university funds. No state appropriations or tuition money will be used.

http://www.theeagle.com/local/A-amp-amp-M--Big-12-ink-exit-accord--7001192

[DrDan]

1. as did Missouri