We’re starting to learn the real reasons why several schools within the Big 12 Conference aren’t waiving their legal rights to sue Texas A&M and the SEC.
ESPN is reporting that Iowa State and Kansas State have already budgeted or taken out bonds based on revenue that will come from the Big 12′s new television deal with Fox that begins in 2012.
In other words, those schools aren’t going to relinquish their legal rights allowing Texas A&M to leave the conference because they’re spending money they don’t have.
After the Big 12 completed the contract with Fox, Iowa State took out $40 million in bonds to fund various projects including a new video board and a football building.
A source told ESPN that “The taxpayers of Iowa can’t pay if those bonds fall through. These are real questions, real situations. I’m not sure how (Iowa State) could waive those (legal) rights (to sue the SEC).”
But the real question is this: Why did Iowa State spend money it didn’t have?
The blame game isn’t limited to Iowa State either. Kansas State and Missouri aren’t waiving their legal rights either for reasons similar to those of Iowa State.
Kansas State’s director of communications Kenny Lannou told ESPN that the Wildcats have multiple projects that have either begun or are planned for this fiscal year based on the Big 12′s contract with Fox.
Like Iowa State, the same questions apply to Kansas State regarding their decision to fund projects with revenue they won’t see for another year.
Here’s the real situation. Because the Cyclones’ and Wildcats’ acted unilaterally to fund projects based on revenue they won’t get until next year, they’re trying to make Texas A&M and the SEC pay for their mistakes.
Perhaps it’s time all the schools within the Big 12 started facing reality and come to the conclusion that the conference isn’t going to survive.
What’s most perplexing is why anyone within the Big 12 believes they have the right to prevent Texas A&M from leaving if they choose.
If any of those schools had an offer to join a conference that provided them an equal revenue sharing program that generated more money for their school, every last one of them would jump ship.
Apparently some within the league like Iowa State and Kansas State think they can force the Aggies to remain in the Big 12, but that’s not going to happen.
Moreover, forcing Texas A&M to remain in the Big 12 isn’t going to create a positive business relationship. In fact, by trying to prevent the Aggies from doing what they believe is best for them will create a ton of animosity.
Despite what anyone believes, the Aggies are eventually going to leave the Big 12 whether Iowa State and Kansas State relinquish their legal rights or not. That’s a fact no one within the Big 12 seems to have gotten their heads wrapped around.
Now that we know the real reasons why some of the schools aren’t waiving their legal rights, Texas A&M should bolt and let the legal chips fall where they may.
If schools like Iowa State and Kansas State are going to use the excuse that their own poor decisions to spend money they didn’t have as reasons for preventing Texas A&M from leaving the Big 12, I should think the Aggies would have a very strong argument to counter.
