Oklahoma Board of Regents Formalize Sooners' Move to SEC
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There were no new developments out of Friday’s special meeting of the Oklahoma Board of Regents.
And that’s a good thing.
OU regents "approved the necessary contractual agreements with the Big 12 and SEC," according to a press release, voting to authorize OU’s change in membership from the Big 12 Conference to the Southeastern Conference during an executive sessions meeting at the stadium club.
As announced in February, OU will formally move to the SEC on July 1, 2024. The schools' exit from the Big 12 was allowed one year early after all parties "mutually arrived at exit terms which would amend the existing grant of rights agreement," according to the release.
"Today," said OU president Joe Harroz, "is the documentation of what was announced in February, the agreement with the Big 12 commissioner, the Big 12, (and) the University of Texas for our departure from the Big 12 one year early (and) entering the SEC one year early as well. This documents that."
"We wanted to fulfill our contractual obligations, leave on good terms," OU athletic director Joe Castiglione said. " ... But as time has gone on, since that announcement, you'll know there's a lot more that has taken place around college athletics, and other conference realignment, other matters related to member institutions various leagues and how we're gonna navigate the future.
"It became more and more apparent to everybody involved, that once they made certain decisions and what they wanted to do with the conference beyond our time in the Big 12, it might be to everyone's benefit for us to talk about a path to leave a year early."
“The approval of these agreements allows OU to seize our future in this era of change for collegiate athletics,” said OU Board of Regents Chair Natalie Shirley. “I extend my gratitude to President Harroz, Director of Athletics Joe Castiglione, and my fellow Regents for their collaboration on an accelerated exit that is beneficial for our institution, as well as the Big 12 and SEC.”
“The action taken today represents a significant moment for OU, and I thank Chair Shirley, past Chair Keating, and the Board of Regents for their support and foresight in spearheading this process,” said OU President Joseph Harroz Jr. “We initiated this transition almost two years ago in anticipation of sweeping changes across the collegiate athletics landscape. Much of what was predicted then has already transpired, some even more rapidly than expected. This positions our university to move with greater momentum into the future.”
“It took a lot of work from everybody to make this happen,” Castiglione said.
Regents called the special meeting to “discuss and consider potential action concerning approval of documents to approve the university’s exit form the Big 12 and admittance to the SEC.”
The meeting took place behind closed doors, “where the board’s attorney has determined disclosure will seriously impair the ability of the board to process the claim in the public interest.”
It had been previously reported that OU and Texas would owe the Big 12 up to $100 million in all to leave early. That money will likely come from new future revenue in the SEC, where projections bump OU's annual revenue distribution from about $40 million to in excess of $80 million from television and other media rights fees within a few years.
The press release called Friday "the final product of OU, The University of Texas, and the conferences working collaboratively to reach an agreement that is beneficial for all involved."
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