UPDATE: FSU Board of Trustees votes to file lawsuit against ACC over Grant of Rights

After about 45 minutes of discussion, the Florida State University Board of Trustees approved filing a lawsuit against the ACC on Friday, seeking that the conference’s Grant of Rights and more than $500 million in penalties be ruled “unenforceable.”

FSU is suing over breach of contract and other claims, and the complaint is being filed in Leon County circuit court, according to attorney David Ashburn, who is representing FSU in the matter.

Ashburn told the Trustees the ACC would try to charge Florida State $572 million in penalties for leaving the conference this year. He said the FSU complaint will argue that is a “violation of Florida statutes.”

While Florida State officials did not discuss intentions of leaving the ACC directly, this is believed to be the first step toward making that a reality.

Florida State athletics director Michael Alford cited the “mismanagement” by ACC leadership through the years that has put the universuty in this position — facing a massive revenue gap compared to schools in other conferences.

“This is a simple math problem,” he said. “A very clear math problem.”

According to recent projections, schools in the ACC soon will receive annual TV revenue distributions some $30 million to $40 million less than those schools in the SEC and Big Ten.

FSU Board of Trustees chair Peter Collins began Friday’s meeting by saying the school is at a “crossroads” with the ACC. He said he believes FSU has “no choice” but to challenge the Grant of Rights.

Florida State President Richard McCullough echoed those sentiments and recommended to the Board of Trustees that they file the lawsuit. He said the school has been researching the situation for over a year and this is FSU’s “only option” after exhausting all others.

Stay connected with Warchant.com for complete coverage.

EARLIER UPDATE:

The only item of business on the FSU Board of Trustees agenda for today is, “Legal matters related to Department of Intercollegiate Athletics.”

Those ”legal matters” are expected to relate to FSU’s future in the ACC.

You can watch the 10 a.m. ET meeting right here with Warchant’s Jeff Cameron and Corey Clark:

EARLIER REPORT

No official agenda had been released as of early Thursday morning, but the FSU Board of Trustees announced that a virtual board meeting will be held on Friday at 10 a.m.

The topic of the Seminoles’ future in the ACC is expected to be discussed, but it is not clear how many details will be broached in the public setting. This is a newly scheduled meeting, as the BOT wasn’t expected to meet again until January.

Florida State’s trustees said earlier this year that the Seminoles can’t remain in the Atlantic Coast Conference long-term if the league can’t keep pace financially with the Big Ten and Southeastern Conference.

According to television revenue projections, schools in the ACC soon will be receiving $30 million to $40 million less annually than schools in those other leagues.

“I think today when you think about what we’re going to be next year (in the ACC) and what the SEC and Big Ten are relative to what we make … that gap is massive,” Board of Trustees Chair Peter Collins told Warchant this past summer. “And when the gap gets that large, is it insurmountable? I think I said in our meeting in February that it’s almost impossible to make up that gap. And I think (athletics director Michael) Alford said it is impossible.

“And it’s not wrong. Our boosters are doing an unbelievable job. Everybody is doing a great job of fundraising. … But we’re going to be $30 million, $35 or $40 million behind the other conferences. That’s an insurmountable gap that you have to do something about.”

*ALSO SEE: More from Warchant publisher Gene Williams on Friday’s meeting.

Stay connected with Warchant.com for more on this story.

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