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Replies: 24
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Scout Team [197]
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Notes from the FSU Board Meeting
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Dec 22, 2023, 10:19 AM
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An outside attorney, David Ashburn, is going through financial figures now. He said the penalty to leave the ACC is $572 million.
If that is the real # then we aren’t going anywhere…. How were we so dumb to ever agree to this grant of rights?
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All-In [27344]
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Re: Notes from the FSU Board Meeting
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Dec 22, 2023, 10:22 AM
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a half billion seems about right...However....financing that cost over a 30 or 40 year term until the ACC dissolves and GoR becomes null could make it affordalble and profitable in the near term to go ahead and leave.
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Scout Team [197]
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Re: Notes from the FSU Board Meeting
Dec 22, 2023, 10:27 AM
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The math will never make sense when the argument to leave is a $30m gap in revenue per year over the next 12 years. The total gap is $360 million which is roughly 40% less than the cost to get out of the deal
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CU Guru [1092]
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Re: Notes from the FSU Board Meeting
Dec 22, 2023, 11:29 AM
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Yes. So gap equals 360. But penalty is +500? What new math is this employing that this makes economic sense.
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Orange Blooded [3213]
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Re: Notes from the FSU Board Meeting
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Dec 22, 2023, 10:27 AM
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He also believes in not enforceable. Gonna get good.
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Hall of Famer [22378]
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FSU is challenging the GOR.
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Dec 22, 2023, 10:30 AM
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Attorney is now laying out the legal grounds for the challenge. I'm no attorney, but here are some bullet points.
1. GOR is unconstitutional with respect to FL law.
2. GOR is unenforcable.
3. GOR was illegally made.
He gave other information, but like I said, I am no lawyer.
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110%er [6075]
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Clemson's lawyers better be taking notes!***
Dec 22, 2023, 10:34 AM
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Heisman Winner [140604]
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Bliss***
Dec 22, 2023, 10:37 AM
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110%er [7497]
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convincing FSU to pay him thinking they can beat it - my guess, this is an L
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Dec 22, 2023, 10:37 AM
[ in reply to FSU is challenging the GOR. ] |
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of the $572 million + another $10-$15 mil in legal fees.
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CU Guru [1057]
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Re: FSU is challenging the GOR.
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Dec 22, 2023, 10:38 AM
[ in reply to FSU is challenging the GOR. ] |
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Also arguing the ACC hasn't held up their end of the bargain. This is all good news not only for FSU but hopefully Clemson. I'm just curious how long this legal battle will take.
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All-In [27344]
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Re: FSU is challenging the GOR.
Dec 22, 2023, 10:41 AM
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I dont know, but I can guarantee its headed to the US Supreme court. Seems like FSU's first and foremost challenge is that the buyout violates Florida law. However I think this can only be challenged in a federal court.
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110%er [6172]
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Re: FSU is challenging the GOR.
Dec 22, 2023, 10:40 AM
[ in reply to FSU is challenging the GOR. ] |
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The problem with most lawyers arguments is they are coming from a lawyer. The upside is that they are then heard by a former lawyer so there is always the chance two lying sack of bits stumble on the same contorted conclusion. And of course they are arguing about a document created by - you guessed it - a team of lawyers. It’s why the person with the weaker argument wants a trial - it’s a crapshoot. Imagine the financial “incentives” a judge hearing that case might receive from entities such as ESPN, SEC, etc etc.
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All-In [27344]
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Re: FSU is challenging the GOR.
Dec 22, 2023, 10:43 AM
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whats been stated is by far not a crap shoot. FSU has some very strong arguments. Anti-trust being a huge one. And the US governement has been cracking down on major corps and anti trust lawsuits a ton lately
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Athletic Dir [884]
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Re: FSU is challenging the GOR.
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Dec 22, 2023, 10:41 AM
[ in reply to FSU is challenging the GOR. ] |
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The attorney laid things out like FSU will seek a judgment against the ACC that basically declares gross negligence in the management of the ACC member institutions' ability to maximize revenue, specifically through media rights.
It seems to me that the challenge is going to be as basic as the ACC has not acted in good faith on behalf of it's member institutions. I'd be shocked if the GOR is upheld in court cases to challenge it simply based on the revenue figures that would be presented from other conference media deals.
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110%er [7219]
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Re: FSU is challenging the GOR.
Dec 22, 2023, 10:55 AM
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Wow. This is the argument I have been stating on this forum for quite a while now.
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Orange Blooded [4713]
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Re: Notes from the FSU Board Meeting
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Dec 22, 2023, 10:47 AM
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In case we forget........thanks again Commissioner Swofford. I don't know how one man could muck something up so bad but you did it. Congratulations!
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110%er [6905]
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Presidents are just as responsible for signing on.***
Dec 22, 2023, 10:58 AM
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Hall of Famer [22378]
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The presidents did not vote on extension GR in 2017.
Dec 22, 2023, 11:24 AM
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That is one of the points of the suit. Swofford negotiated it with ESPN. The presidents never saw the document, much less voted on it.
One of the 7 points of the suit is that Swofford failed to act as a fiduciary for FSU in the negotiations.
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All-TigerNet [12219]
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Re: The presidents did not vote on extension GR in 2017.
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Dec 22, 2023, 11:26 AM
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Correct
OP...go back and listen to the presentation by David Ashburn. He also state the conference commissioner was relaying information in the best interest of preservation of the ACC and not in the best interest of the schools within the conference.
The GOR is about to get destroyed. The exit penalty will stand to a point, but that GOR is about to get hammered.
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Hall of Famer [22378]
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Penalty fee.
Dec 22, 2023, 11:31 AM
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The attorney also had an argument about penalty fees in contracts. The penalty can only be commensurate with what the party will actually lose if the contract is breached. It cannot be unreasonable.
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Orange Blooded [3828]
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Hall of Famer [22378]
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FSU filing a suit in court this morning.
Dec 22, 2023, 11:22 AM
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7 counts.
From what I can understand they are challenging the legality of the GOR on 7 counts. One of the biggest seems to be that they are claiming the ACC did not act as a fiduciary for the members (specifically FSU) when they negotiated the extension of the GOR in 2017.
Some of you attorneys on this board can explain far better than I.
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All-TigerNet [12219]
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Re: Notes from the FSU Board Meeting
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Dec 22, 2023, 11:23 AM
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If you listened to David he stated that the last extension was executed by the the conference commissioner without any input from the schools
That was one of the case points.
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CU Medallion [53829]
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I may be off base but I am of the opinion that when Swofford cut the deal, he
Dec 22, 2023, 11:49 AM
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made sure that Jefferson Pilot was a part of it...to the tune of $500M,AND THAT HIS SON GOT THE CONTRACT AS PURCHASING AGENT FOR JEFFERSON PILOT...If that is true, well, I can see how a member could make the case that the Fiduciary Trust had been broken. In my business, that is a very big deal.
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Hall of Famer [22378]
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Lest people get too excited, thinking....
Dec 22, 2023, 11:29 AM
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.... FSU has found a way out and other schools will soon follow, remember this.
FSU hired a great legal firm with great lawyers who did a great job presenting FSU's case.
Well, the ACC also has great lawyers who will present a great case for the ACC.
Both sides will be very convincing to the public, depending on which side you want to believe.
FSU fans will love the argument they just heard this morning. Kirk and Paul will scoff at it and will say it has zero legal merit and is just a bunch of whining by a group of sore losers.
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