Oregon State and Washington State have filed a legal complaint against the Pac-12 and commissioner George Kliavkoff, with the heart of the dispute being the distribution of the conference's remaining assets.
At the heart of the dispute is the distribution of the Pac-12's remaining assets. The filing states that the Pac-12 ended the 2022 fiscal year with $42.7 million in total net assets, a figure that does not include the equity value of the conference's ownership of the Pac-12 Network. For the 2021-22 financial year, the Pac-12 Network reported revenues of $117 million and expenses of $77 million.
The meeting was scheduled, according to the legal filings, after Washington State president Kirk Schulz, the chair of the Pac-12 board of directors, declined to call a board meeting after a telephone conversation with Kliavkoff on or around Aug. 29. Schulz feared that Kliavkoff"would allow the withdrawing universities' former Board representatives to vote on a number of matters, even though they no longer have the right to vote on any matter," according to the legal documents.
The Pac-12 has seen 10 members leave since last summer, starting when UCLA and USC announced they would join the Big Ten in 2024. The complaint points out that the board seats and voting rights of those schools were immediately rescinded. In recent weeks, Colorado, Arizona, Arizona State and Utah announced they would join the Big 12 and Oregon and Washington were heading to the Big Ten.
The schools switching leagues have left Washington State and Oregon State without a sustainable future home. The legal filing offers some insight into the schools' potential interest in fighting to keep both the league's name and assets going forward. One option has always been to use the financial assets, infrastructure and strong brand of the Pac-12 as a lure to invite the 12 Mountain West schools into the league for some type of amicable merger.
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