The Big East Conference has dropped its lawsuit against TCU and will receive the $5 million it was seeking from TCU after it bailed out on a commitment to join the conference.
The Big East filed the suit last month in Washington, claiming TCU failed to pay the league the $5 million it agreed to when the school reneged on an agreement to become a member and instead joined the Big 12.
Bloomberg News first reported the lawsuit had been dropped, with The Big East later confirming it in a statement to the AP on Wednesday night.
“TCU has fully discharged its obligations to the Big East and the lawsuit is amicably settled without admission of liability of any party,” said a statement from the Big East.
Conditions of the settlement were not released, but a person familiar with it told The Associated Press the Big East will receive $5 million from TCU. The person spoke on condition of anonymity because no announcement was to be made on the agreement.
Earlier in the day, Pittsburgh and the conference announced that the school will pay $7.5 million to join Syracuse in leaving the Big East for the Atlantic Coast Conference on July 1, 2013. The Big East reached a similar deal with Syracuse earlier this week.
Earlier this year, the Big East and West Virginia settled dueling lawsuits, with the school agreeing to pay the conference $20 million to start competing in the Big 12 this year.
TCU was never an official member of the Big East but accepted an invite in November 2010 to join in 2012. The Big East contended TCU agreed to pay $5 million if it didn’t. TCU accepted an invite to the Big 12 in October and will start playing in the conference this year.
When the Big East filed suit against TCU, the school said in a statement that its “administrators were surprised by this lawsuit and believe it is premature. The University is hopeful for an amicable resolution of this matter.”