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USS PAC12 Sinking By the Stern

Its going in ass-first Bay Area style. The PAC12 needs to clawback the bonuses of the P12 wreckless CEO. The P12 is like the Lusitania; anyone dumb enough to stay on board with a cargo hold full of munitions in a known war zone with pre-warnings of attack pretty much deserves the torpedoes. The P12 not only had substandard revenues, but much of the revenue was bogus.

According to Jon Wilner of The Mercury News, Comcast was the partner who had overpaid the Pac-12 by over $50 million since 2016. After Comcast surfaced concerns of overpayments to the conference in October 2022 , the conference launched their own investigation which resulted in the firings of CFO Brent Willman and Pac-12 Networkspresident Mark Shuken for failing to disclose the results of the conference’s earlier audit of the matter to the Pac-12 Board of Directors.

Wilner’s story shines a light on some of the more intricate details of the investigation and how we got here. For one, when the initial investigation took place in 2017, Pac-12 executives initially thought Comcast was underpaying. Instead, the independent auditors determined Comcast was overpaying by “about $5 million annually, according to sources.”

After the independent investigation, Pac-12 auditors would then do their own investigation which came to the same conclusion the independent auditors had- Comcast overpaid and the Pac-12 would likely have to reimburse the company at some point for those overpayments.

6 comments

6 Comments

Unknown member

Jan 30, 2023

I don't like this one bit. The PAC-12 needs to be doing well for a while, otherwise if it folds the teams will be "forced" to go to the B1G, because "it is the right thing to do for these college atheletes" and we will just have the same fuck-ass PAC-12 just rebranded as the B1G-West. The writing is on the wall, no B1G team will vote will let these teams in voluntarily right now, but if the optics are they HAVE TO, well......

trojangroucho

Jan 31, 2023

Replying to

You raise a fair point, however, there would be a significant difference of decent competent management by an a non-P12 league. Larry Scott with his "Progressive" ideals of building a network, while ensconcing the P12 far from the media of LA/Hollywood in a high-rent bay area are very much like that human-turd Woodrow Wilson a "Progressive. Both entangled their organizations into endless stupid nonsense. Scott ignored basics of revenue, officiating, and connections to the media. Wilson ignored British criminal imperialism worldwide. Both believed their own bullshit.

August West

Jan 31, 2023

Replying to

Wont happen now. The B10 presidents want zero expansion now…Notre Dame would be allowed in…that’s it.

The one pushing all the expansion was the President, and he just left for the Chicago Bears.

SC and UCLA have been very vocal about no more P12 schools being brought in.

P12 is dead. Four Corner schools need to sacrifice their first born at a chance at the B12.

Bay area and NW are in trouble.

Java

Jan 30, 2023

This can’t be. We were Told right here that auditors are worthless and easily fooled or redirected. You mean they caught stuff? Good for them.

$50 million. Shocking. Not really

trojangroucho

Jan 31, 2023

Replying to

Actually, according to SI.com the conference's auditor were fooled and missed the issue all the way the way back to 2016. The P12 staff knew of the overpayments for 5-6 years before Comcast told the P12 that triggered an investigative audit . So the auditors missed the whole enchilada for six or more years the same way Wilson missed British actions contributing to WW I including shipping armaments in cruise ships filled with civilians and war crimes against civilians in the Boer Republic and elsewhere.

https://www.si.com/college/2023/01/21/pac-12-fires-two-top-executives

The Pac-12 conference announced the termination of two senior executives on Friday following an investigative audit into financials dating back to 2016.

The investigation determined that the two executives failed to disclose material information to the conference’s board of directors, as well as external conference auditors, in connection with overpayments by a distribution partner.

In October, the distribution partner who was the subject of a 2017 audit determined that it had been overpaying the conference each year since ’16. The overpayments totaled more than $50 million.

Upon being alerted of the mistake by the distribution partner, the conference hired Cooley LLP to conduct an independent investigation into the matter. The firm concluded that the two senior executives were aware of the overpayment since late 2017, and that the executives failed to disclose the information related to the material financial risk to the conference.

Java

Jan 31, 2023

Replying to

My point was the Comcast ones, their auditors, caught it. See, you can lie on one side of the ledger, as the PAC12 people did to their auditors. But the problem is that won't balance on the other side. Which would be the Comcast side of the equation. And the Comcast people caught it.

More realistically, someone suspected something, and you can read the stories. They had their financial people, their auditors start digging and when those guys start digging, auditors find something. Yes, you can fool them when they have nothing specific they are looking for. When they are told there's an imbalance? you're screwed.