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  1. #1
    fitngoblr's Avatar
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    FSU voted against the $50mil buyout


  2. #2
    This may have been more posturing than fact. Am sure that they had enough votes to raise the exit fees without FSU vote. So if some alumni and fans complain, they can say we voted against it. Supposedly Maryland did also.

  3. #3
    MEHOKIE's Avatar
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    Well, they lost the vote. SO ... $50 million is now the price to leave.

  4. #4
    Hokie CPA's Avatar
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    Quote Originally Posted by MEHOKIE View Post
    Well, they lost the vote. SO ... $50 million is the price to leave this year.
    FTFY.

    It's indexed. The exit fee is 3x the operating budget of the ACC. This year the operating budget is around $17 million and the exit fee is 3x that, around $50 million. If, in ten years, FSU gets upset and wants to leave, it will cost them 3x whatever the ACC's operating budget that year is. If the ACC is spending $25 million per year in ten years, it'll cost $75 million to leave. The conference is as solid as ever at this point.
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    I just wish we would STOP with the zone blocking read option crap and line up in the I, put a hat on a hat and run the tailback behind the fullback through a designated gosh-danged hole. There is NO REASON why this program shouldn't be able to find 5 fat guys who can move some people out of the way and clear a lane for a back to get through!

  5. #5
    MEHOKIE's Avatar
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    Quote Originally Posted by Hokie CPA View Post
    FTFY.

    It's indexed. The exit fee is 3x the operating budget of the ACC. This year the operating budget is around $17 million and the exit fee is 3x that, around $50 million. If, in ten years, FSU gets upset and wants to leave, it will cost them 3x whatever the ACC's operating budget that year is. If the ACC is spending $25 million per year in ten years, it'll cost $75 million to leave. The conference is as solid as ever at this point.
    I understood that it was indexed. It is, perhaps, the smartest thing the ACC has done since inviting VT.

  6. #6
    BUGGZY's Avatar
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    technically, they voted against the increase being a part of the ND membership vote, but Swofford tied the 2 together and FSU ended up voting for both. FSU wanted ND, but didn't want the increased fee for the simple reason they felt it was punitive (methinks they have a lawyer or 2 on the BOT).

    it's akin to a bill with an earmark. you may not like the earmark, and you may vote to take it out of the bill, but once it's in the bill, if you want to vote for the bill, you will, and you will essentially be voting for the earmark you voted against previously.

    In the end, FSU did vote for the increase, and that is how it will be on record. it was a unanimous vote.
    "This no more resembles that than something unlike something else resembles that." - Loosely quoting PHNC

  7. #7

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    Quote Originally Posted by BUGGZY View Post
    technically, they voted against the increase being a part of the ND membership vote, but Swofford tied the 2 together and FSU ended up voting for both. FSU wanted ND, but didn't want the increased fee for the simple reason they felt it was punitive (methinks they have a lawyer or 2 on the BOT).

    it's akin to a bill with an earmark. you may not like the earmark, and you may vote to take it out of the bill, but once it's in the bill, if you want to vote for the bill, you will, and you will essentially be voting for the earmark you voted against previously.

    In the end, FSU did vote for the increase, and that is how it will be on record. it was a unanimous vote.
    I think yesterday was a great day for the ACC, but I don't know how this $50M exit fee can hold up. Like I said yesterday, it might as well be $1T. A school ought to be able to leave the conference if they want to (with payment of a reasonable penalty). It's not the mob.

  8. #8

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    Quote Originally Posted by Hokie CPA View Post
    FTFY.

    It's indexed. The exit fee is 3x the operating budget of the ACC. This year the operating budget is around $17 million and the exit fee is 3x that, around $50 million. If, in ten years, FSU gets upset and wants to leave, it will cost them 3x whatever the ACC's operating budget that year is. If the ACC is spending $25 million per year in ten years, it'll cost $75 million to leave. The conference is as solid as ever at this point.
    I'm going to guess that you have not been a party to many contract disputes in court.

    That document is not a law. It is not iron clad. It is best thought of as a starting point for negotiations. I doubt anybody leaving will ever pay 3x. They will pay plenty, but I seriously doubt 3x will ever happen. 3x is the starting point from which things will be negotiated down and settled.

  9. #9
    Hokie CPA's Avatar
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    Quote Originally Posted by VTGolfer View Post
    I'm going to guess that you have not been a party to many contract disputes in court.

    That document is not a law. It is not iron clad. It is best thought of as a starting point for negotiations. I doubt anybody leaving will ever pay 3x. They will pay plenty, but I seriously doubt 3x will ever happen. 3x is the starting point from which things will be negotiated down and settled.
    That's an awfully high starting point. It's still prohibitive for members to leave. I think the ACC is solid at this point. It's a competitive league of academic peer institutions. There really is little to no reason for anyone to WANT to leave anymore.
    *.*.*.*.*.*.*.*.*.*.*.*.*.*.*.*.*.*.*.*.*.*.*.*.*. *.*.*.*.*.*

    I just wish we would STOP with the zone blocking read option crap and line up in the I, put a hat on a hat and run the tailback behind the fullback through a designated gosh-danged hole. There is NO REASON why this program shouldn't be able to find 5 fat guys who can move some people out of the way and clear a lane for a back to get through!

  10. #10

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    Quote Originally Posted by Hokie CPA View Post
    That's an awfully high starting point. It's still prohibitive for members to leave. I think the ACC is solid at this point. It's a competitive league of academic peer institutions. There really is little to no reason for anyone to WANT to leave anymore.
    No doubt, the hurdle is dramatically higher.

    Let's say FSU or Clemson gets bumped by ND from the CFA bowl to some less desirable bowl after a 10-2 season when ND is 9-3. There will be massive pressure from high $$ donors to bolt the ACC. I'm not talking normal fans, I'm talking people that stroke multi-million dollar checks. Thats when the new deterrent will get it's first test.

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