On Friday, the Pac-12 fired two senior executives for “failing to disclose overpayments by the network’s media distribution partner.” This made the conference’s annual revenue appear stronger than it actually was.
Pac-12 commissioner George Klyavkoff obtained approval from the board of directors to terminate these two employees.
The president of Pac-12 Networks was one of the employees let go.
The distribution partner involved in the situation claims to have been overpaid by a total of $50 million. This happened over the course of several years.
According to John Willner, ESPN and FOX are not distribution partners for the Pac-12 Networks.
Pac-12 released an official statement on the matter.
“Earlier today, Pac-12 terminated the employment of two senior executives effective immediately,” the conference said, “This action was taken following an investigation conducted by independent outside legal counsel. In response to the failure by those two officials to disclose material information to the Pac-12 Board of Directors and external Pac-12 auditors regarding overpayments by the PAC.” As a result the termination was done.-12 network distribution partners dating back to 2016.
“The Pac-12 took immediate and appropriate action to resolve this matter, in line with best governance practices. Pac-12 leadership is committed to supporting our members and student-athletes, and always with the highest level of professionalism.” Works.
Obviously, this is a terrible look for the Pac-12. We’ll see if the conference can clean up its act quickly.