Greensboro, NC (SportsNetwork.com) - The Atlantic Coast Conference and the University of Maryland have resolved lawsuits filed by both parties pertaining to the Terrapins' departure from the league for the Big Ten.
Under the settlement, the ACC will keep $31,361,788 of the $52 million in exit fees it charged Maryland to end its 61-year tenure in the conference and join the expanding Big Ten for the 2014-15 academic year.
Maryland will not have to pay any additional fees to the ACC, while lawsuits filed in both North Carolina and Maryland have been dismissed.
"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," said University of Miami president Donna Shalala, chair of the ACC Council of Presidents. "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 all look ahead to the upcoming academic year."
Maryland, a charter member of the ACC, accepted an invitation to join the Big Ten along with former Big East member Rutgers in November of 2012. The Terps will begin play in their new league this coming fall.