By: Noah Allison
The University of Louisville has agreed to pay an $11 million exit fee to the American Athletic Conference so it can join the Atlantic Coast Conference next July.
Last year, Louisville announced its plan to leave the Big East to join the ACC. U of L had already agreed on a two-year membership deal with the newly-formed AAC. The payment surpasses its two-year membership requirement. Conference members assembled and voted to terminate Louisville’s membership to allow both Louisville and the AAC to move on.
“I am pleased to announce this agreement and pleased that Tom Jurich and I worked together in a spirit of friendship to complete it,” AAC Commissioner Mike Aresco said. “I have great respect and admiration for Tom Jurich and for the manner in which Louisville conducted itself in our negotiations. We wish Louisville the best and appreciate what they have meant to our conference.”
Louisville has already paid the AAC $5 million in two increments. The first payment came three days after Louisville accepted the ACC’s invitation in December 2012, the second payment was made in September. The remaining $6 million will be paid in $1.5 million increments each year through 2017.
“I’m glad to have been able to work face-to-face with Mike Aresco to reach a fair settlement for us to depart the league a year early,” U of L Athletic Director Tom Jurich said. “All of us at the University of Louisville appreciate what the former Big East and American Athletic Conference have done for us and I see greatness ahead for the league under Mike’s leadership.”
