AP Source: Louisville to pay $11 million AAC exit fee
NEW YORK (AP) - A person familiar with the negotiations tells The Associated Press that Louisville has agreed to pay the American Athletic Conference an $11 million exit fee so the Cardinals can join the Atlantic Coast Conference next year.
Louisville announced last year that it planned to leave what was then called the Big East and join the ACC. Conference bylaws for the American require members to give two years' notice and pay a $10 million exit fee.
The conference announced Wednesday that its members had voted to terminate Louisville's membership on July 1, 2014. The person familiar with the situation says the school agreed to pay the conference an extra $1 million after amicable negotiations. The person spoke on condition of anonymity because financial terms were not disclosed.