LUBBOCK, TX (KCBD) - The Texas Tech Board of Regents has met in an executive session and decided that Texas Tech will stay in the Big 12 Conference.
Big 12 Commissioner Dan Beebe held a conference on Tuesday morning to discuss the future of the Big 12, just hours before the Texas Tech Board of Regents held an executive session on the situation.
This comes after Texas announced on Monday that it turned down an invitation from the PAC 10 to stay with the Big 12. Texas A&M and Oklahoma State quickly followed suit. The new Big 12 will consist of the remaining 10 teams.
A television deal with Fox will pay Texas, A&M, and Oklahoma $20 million a year. The other schools, including Texas Tech, would get $14 to $17 million.
During the Tuesday morning meeting, Beebe made a number of points regarding Texas Tech staying in the Big 12. He said there is no solid, signed renegotiation of the league's TV contracts. Also that Nebraska and Colorado stand to lose 80 percent of their revenue distribution as a penalty for leaving the conference.
Beebe says there has been discussion about Texas, Texas A&M and Oklahoma receiving the revenue that would have gone to Nebraska and Colorado as an incentive to remain in the league, but nothing has been finalized.
Texas Tech University released a statement about the decision:
Texas Tech University Statement Regarding Big 12 Conference
As we've said during this period of instability in conference alignments, our goal has been to preserve the Big 12 Conference. We are proud to announce that this has been done and that we are recommitting to our status as a member of the Big 12 Conference.
We worked carefully through this process in consultation with our colleagues in the Big 12 South and have come to the conclusion that remaining in the Big 12 is best for Texas Tech University from the perspectives of revenue, rivalry and the welfare of our student-athletes.
The Big 12 is a tremendous fit for Texas Tech both academically and athletically. Remaining in the Big 12 will allow us to play our traditional rivals and maintain those competitive associations we have developed with the Big 12 North members.
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