The Atlantic Coast Conference and the University of Maryland have reached an agreement to end all litigation between the two parties, the conference and school announced in a release on Friday afternoon.
According to a statement, the ACC will retain just over $31.3 million that it had previously withheld from the university to resolve active lawsuits and Maryland will need to make no further payments to its previous conference. As a result, lawsuits filed in the states of Maryland and North Carolina will be dismissed.
The battle between the two sides stems from an exit fee of close to $52 million that the conference was seeking from the university following its move to the Big Ten.
“The University of Maryland is proud of our long and storied 61-year association with the Atlantic Coast Conference,” Maryland president Wallace D. Loh said in a release. “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.”
“I commend our Council of Presidents and specifically President Donna Shalala for steering us to this resolution,” ACC Commissioner John Swofford said in a statement. “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. We wish the University of Maryland well and appreciate their past contributions as we collectively look toward the future.”
Maryland officially began its first season the Big Ten on July 1, 2014.
Check back soon to CSN for more details on Friday's news.