The Pac-12 announced the termination of two senior executives 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.
In addition, the investigation concluded that the executives failed in their “ongoing obligation and duty” to disclose the information to the board of directors and external auditors. “The Pac-12 took immediate and appropriate action to address this matter, consistent with best governance practices,” Friday’s statement read. “Pac-12 leadership is committed to supporting our members and student-athletes, and always operating at the highest level of professionalism.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pac-12 fires senior executives following investigation into failure to report overpayments from Pac-12 Networks partnerPac-12 fires senior executives following investigation into failure to report overpayments from media partners
Read more »
UCLA's 2023 football schedule features a few major Pac-12 obstaclesUCLA's 2023 football schedule released by the Pac-12 includes formidable games against Utah, Oregon State and USC.
Read more »
Pac-12 Hotline: Team-by-team breakdown of the 2023 football schedulePac-12 Hotline: Breaking down the 2023 football schedule with a look at how the slate's intricacies impact each team in the conference.
Read more »
Pac-12 Power Ratings: Stanford shows signs of slippage; Arizona falls 4 spotsPac-12 Hotline women's basketball Power Ratings: Stanford is still No. 1 but is showing sings of slippage; Arizona falls four spots after being swept by mountain schools.
Read more »
Pac-12 football outlook: Our projections for the 2023 conference raceThe Utes are aiming for their third consecutive title while the Huskies hope to build on their momentum.
Read more »
Moderate PAC prepares to flex against progressivesThe Moderate PAC, an organization of centrist Democrats, plans to raise $20 million to defend a handful of Democratic lawmakers — as well as open-seat candidates — in 2024 primary fights with progressives, Axios has learned.
Read more »