COLLEGE PARK, Md. - The University of Maryland will pay $31 million to settle a lawsuit with the Atlantic Coast Conference, according to a release from the university.
“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.”
The university officially joined the Ben Ten conference at the end of June. The settlement agreement outlines that Maryland will have to pay no other fee to the ACC.
The ACC initially sought an exit fee of $52 million.
All other cases have been dismissed under the settlement agreement.
“Our student-athletes, coaches, staff, fans and alumni will forever hold dear the memories of six outstanding decades in the Atlantic Coast Conference,” said Kevin Anderson, Director of Athletics at the University of Maryland, in a release. “Today marks the next chapter in the history of Maryland Athletics, and we look forward to creating new memories in the decades to come.”
Donna Shalala, Chair of the ACC Council of Presidents and President of the University of Miami, added, “On behalf of the ACC’s Council of Presidents, I am pleased that all parties can move forward, returning our focus where it belongs – on our student-athletes, intercollegiate athletic programs and institutions of higher learning.
“There is great excitement surrounding the ACC and its 15 member institutions and we extend our best wishes to our colleagues at Maryland as we look ahead to the upcoming academic year,” she continued.