IRVING, Texas — The Big 12 announced it has reached agreement with the University of Colorado regarding its withdrawal from the Conference effective June 30, 2011, subject to final approval from the member institutions' respective governing boards.
The Conference will withhold $6,863,000 from the revenues otherwise distributable to the University. Colorado will withdraw from the Conference at the end of the current academic year.
Big 12 Conference Commissioner Dan Beebe stated, "This agreement was accomplished through a collegial, respectful process among the Conference, its institutions, and the University of Colorado that led to a resolution that all parties believe is fair. I appreciate the cooperation of Chancellor Phil DiStefano and others at Colorado. The Big 12 has enjoyed its relationship with CU and wishes it well in the future."
"The University of Colorado at Boulder was a founding member of the Big 12 and a proud participant in it for 15 years," said DiStefano. "Even as we leave for an exciting future in the Pac-10 Conference, we value the great friendships and memorable rivalries we have been a part of, and we appreciate the good faith Commissioner Dan Beebe has shown in working with us on our exit from the conference."
"We are pleased that, with this issue behind us, the Big 12 is poised to begin the transition to its exciting future as a 10-member Conference beginning in July," Beebe added.