Pac-10 announces TV deal with Fox, ESPN

Posted: Updated:

PHOENIX - A new multimillion dollar television deal puts more money in the pockets of universities in the Pac-12.

Today the new Pac-12, only months away from officially launching, announced the richest television contract in all of college sports. 

Not only did the Pac-12 partner with ESPN and Fox Sports Media Group but announced plans to launch their own television network in the next few years.

The deal is worth $221 million-a-year for the new conference and quadruples the $60 million deal the Pac-10 previously had.

Although the money is great, it also will bring a lot of exposure for the athletes and teams in the conference. 

When the deal begins at the start of next season, every football and men's basketball game will be broadcast on one of the channels.

The deal also allows the new network to showcase Olympic sports, which the conference excels in. 

Each university in the conference will receive more than $18 million per year for the next 12 years as part of the multimillion dollar deal.

This is especially important  for Arizona universities, after their funding was slashed by $235-million according to Arizona State University Vice President of Athletics Lisa Love.

"It spells for sustainability," she said. "I don't think it's lost on anyone that the cost of high end, world class division one athletics at Arizona State is not inexpensive."

According to the Associated Press, rights to some football and men's basketball games were not sold to Fox and ESPN, preserving some premium property the conference can use for a Pac-12 network. Under the deal, Fox and ESPN will split the rights to college football games.

The new deal goes into effect in 2012.

Utah and Colorado officially join the conference on July 1.