Texas A&M president R. Bowen Loftin said Monday that progress has been made in negotiating a fee for the Aggies' withdrawal from the Big 12 Conference and he hopes to have an agreement "fairly soon."
He made the statement after the A&M System Board of Regents unanimously voted to give Loftin power to execute a settlement once such an agreement has been made. The regents met in a special telephonic meeting and approved the authorization after about 30 minutes of conversation behind closed doors.
A&M sent notification on the last day of August that it planned to leave the Big 12. The school plans to officially join the SEC in July, meaning it will fail to live up to the Big 12's two-year notice requirement.
Under the Big 12 bylaws, an exiting school that gives less than a year notice but more than six months is expected to relinquish 90 percent of its final two years in conference payout, which has been estimated at around $29 million.
So the PTB at a public university wil be sending a big check to the Big 12 Conference to distribute to other states and a private university (Baylor). President Bowen and the Board of Regents (and Gov. Perry) are supposed to be stewards of public funds, so all I have to say is
It is Politically Incorrect to call them Aggies. Properly, they are Agro-Americans.