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SEC Expansion - what's announced by August 31st?

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BB73

BB73

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This vBet will pay out by noon on Thursday, September 1 - in time to place winnings on the year-long football vBets and the games of Sept 1st through 5th.

Only official announcements from SEC Conference employees made by the end of the day on August 31st will be recognized in paying this vBet. In other words, no report by a SportsbyBrooks, TMZ, EDSBS, Yahoo, aTm, or any other website will be accepted unless there's an actual official announcement by the SEC sometime this month.
 
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slmandel Stewart Mandel



RT @billyliucci: Breaking: Texas A&M sends official notice to Dan Beebe and Big 12 that they will explore conference options.

1 minute ago Favorite Retweet Reply

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slmandel Stewart Mandel



RT @Andy_Staples: In the letter A&M prez Loftin sent to Beebe, he asked that the B12 spell out withdrawal procedures.

2 minutes ago Favorite Retweet Reply
 
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Full SI article from Andy Staples:

http://sportsillustrated.cnn.com/2011/football/ncaa/08/25/texas-am-big-12/index.html

Notable commentary from the article:

The letter is similar to the one sent last year by Nebraska chancellor Harvey Perlman shortly before the Cornhuskers left the Big 12 for the Big Ten.

Thursday's letter does not guarantee a withdrawal from the Big 12. Texas A&M has yet to apply for admission to the SEC, and the SEC has yet to extend an invitation. But after Thursday's move, it would be difficult for the Aggies to remain in the Big 12.
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The Big XII bylaws require a 2-year notice, and leaving by next year could cost aTm up to $30 million.

CBS

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We've known for weeks that Aggies everywhere would rather change into formalwear, than stay in the Big 12. It's a University of Texas thing and you're not expected to understand it fully but a multi-million deal with ESPN to launch a network has something to do with it.

This starts the official process of A&M leaving its not-exactly-life partners in the Big 12. Now comes the potentially ugly legal part. According to Big 12 bylaws (these are dated but still relevant), departing schools must give two years' notice.

Short answer: That probably ain't happenin' with A&M. If the school gives less than a year's notice, which seems likely here, it must forfeit 90 percent of two years' worth of payouts. That comes to approximately $30 million. Consider that a starting point for negotiations between the school and league.

By the way, Nebraska paid $9.2 million to move to the Big Ten, basically 50 percent of a year's payout. Colorado paid approximately $6 million.

Then there is the question of whether the Big 12 wants to claim tortuous interference on the part of the SEC. Street term: Poaching. That's what that SEC presidents meeting was about a couple of weeks ago. I was told the presidents huddled with SEC lawyers to determine the best legal path.

Texas A&M has to extricate itself legally from the Big 12 before it jumps into, ahem, bed with the SEC.
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Cont'd ...
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