COLLEGE PARK, Md. (WUSA9) -- The University of Maryland and the Atlantic Coast Conference have reached an agreement on the disputed exit fee owed by the university in order to leave for the Big Ten Conference.
Maryland agreed Friday that the ACC will keep the sum of $31,361,788 previously withheld in order to resolve the lawsuits, and the ACC has agreed that Maryland will have no obligation to make any other payments to the ACC.
The original exit fee was approximately $50 million, and the resulting agreement saves the university just under $20 million.
"The University of Maryland is proud of our long and storied 61-year association with the Atlantic Coast Conference," said Wallace D. Loh, president of the University of Maryland. "Today's agreement helps usher in exciting new eras for both the University and the ACC. We wish the conference and our ACC university colleagues well."