Florida State University Amends ACC Lawsuit, Cites Former Commissioner John Swofford
The Florida State University Board of Trustees has amended its lawsuit against the Atlantic Coast Conference (ACC) as it attempts to leave the conference by challenging the grant of rights media deal and the $130 million exit fee.
One of the main arguments for FSU is that the ACC has failed to withhold its fiduciary responsibilities, among other complaints.
Florida State estimates leaving the conference would cost $572 million immediately.
In the amendment, the university name-drops former ACC Commissioner John Swofford and the deals made during the latter portion of his tenure, providing more evidence of the fiduciary irresponsibility that FSU is alleging.
The ACC’s deal with Raycom Sports was one of the main points of contention as it “cost each ACC member several million dollars and continues to depress the value of their media rights,” per FSU’s amendment.
“Florida State is a victim of chronic mismanagement and self-dealing by ACC leadership and finds itself unable to effectively evaluate alternatives while the Severe Withdrawal ACC Penalties and the ACC GofR (Grant of Rights) hang over Florida State’s head,” the amendment states.
The amendment accuses Swofford of negotiating with ESPN and Fox in 2008 to keep Raycom part of the ACC’s broadcasting partnership rather than “trying to bid against their deeper pockets.”
Swofford’s son, Chad, worked as an executive at Raycom at the time.
The amendment also calls out the conference’s secrecy surrounding the Grant of Rights agreement, which can only be viewed with permission.
With the ACC attempting to move the lawsuit to the state of North Carolina (where the conference’s headquarters are located) and FSU bringing a barrage of evidence to support their claims, it appears they could have a chance of winning sole custody in this nasty divorce.
*This is a developing story.
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