WASHINGTON — The University of Maryland has reached a mediated agreement with the Atlantic Coast Conference on a $31.3 million exit fee, rather than the $52 million the conference originally sought.
The ACC will keep $31,361,788 of previously withheld funds in order to resolve the lawsuits, and the conference will free Maryland of any further obligation of payment.
“On behalf of the ACC’s Council of Presidents, I am pleased that all parties can move forward, returning our focus where it belongs – on our student-athletes, intercollegiate athletic programs and institutions of higher learning,” said Donna Shalala, Chair of the ACC Council of Presidents and President of the University of Miami. “There is great excitement surrounding the ACC and its 15 member institutions and we extend our best wishes to our colleagues at Maryland as we all look ahead to the upcoming academic year.”
Maryland left the ACC for the Big 10 Conference, in which it will begin athletic competitions this year.
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