Maryland pays ACC $31.4 million as exit fee - WNCN: News, Weather

Maryland pays ACC $31.4 million as exit fee

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GREENSBORO, N.C. -

The Atlantic Coast Conference and the University of Maryland announced Friday that they have reached a mediated agreement that ends all litigation between both parties, the ACC said in a news release.

Maryland has agreed that the ACC will keep the sum of $31.4 million previously withheld to resolve the lawsuits, and the ACC has agreed that Maryland will have no obligation to make any other payments to the ACC. In addition, the lawsuits filed in North Carolina and Maryland will be dismissed, the ACC said.

The announcement is essentially a victory for the ACC after Maryland's surprise announcement that it was leaving for the Big Ten. The ACC argued that Maryland owed the league a massive exit fee, and last year the North Carolina Court of Appeals essentially agreed. The court preserved a lawsuit that could have forced the University of Maryland to pay a $52 million fee for leaving the ACC.

A state Court of Appeals panel rejected Maryland's bid to dismiss the lawsuit filed in the ACC's headquarters city of Greensboro. T

“This agreement allows everyone to fully focus their energy and efforts on prioritizing the student-athletes, especially in this significant time of change within the NCAA restructuring,” ACC Commissioner John Swofford said in a statement. We wish the University of Maryland well and appreciate their past contributions as we collectively look toward the future.”

The ACC was stunned when Maryland announced, without informing the ACC, that it was leaving for the Big Ten. The Terps, who were original members of the ACC, said they were leaving for financial reasons, with their athletics department strapped. The Terps cut seven sports teams to save money.

The ACC quickly moved to add Louisville to the league, and the Cardinals begin as full members this year. The ACC also announced that the 2016 ACC Tournament would be held in Washington – essentially, an in-your-face move at the Terps, whose campus is nearby in College Park.

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