logo
ACC, Florida State, Clemson to dismiss cases against each other

ACC, Florida State, Clemson to dismiss cases against each other

Reuters3 days ago

June 4 - After nearly two years of infighting, litigation involving Florida State, Clemson and the Atlantic Coast Conference is finally over.
The three sides filed to dismiss cases against one another on Tuesday, ending more than 17 months of legal battles in three different states.
The two schools and the conference approved the settlement's terms in March, which clarified if and when Florida State and Clemson -- or any other ACC member -- could leave the conference.
Among the terms of the settlement, schools would keep their own TV rights as opposed to the league. On top of that, per a presentation to Clemson trustees in March, exit fees would drop annually from $165 million in fiscal year 2026 to around $75 million in 2030-31.
Florida State first sued the ACC in December 2023 (in Florida, of course) followed by Clemson (in South Carolina) as the two schools explored joining a different conference. There were growing concerns that league revenues were falling behind those of the SEC and Big Ten, not to mention the ACC falling behind competitively relative to other conferences.
The Charlotte-based ACC, in turn, filed lawsuits in North Carolina against Florida State and Clemson as it looked to enforce the "Grant of Rights" agreements and the league's exit penalties.
The March settlement agreement also created a new avenue for the ACC to share revenue with its members as about 60 percent of conference payouts would be distributed based on TV viewership of football and men's basketball.
"Today's resolution begins the next chapter of this storied league and further solidifies the ACC as a premier conference," ACC commissioner Jim Phillips said in a statement at the time. "As we look ahead to our collective long-term future, I want to express my deepest appreciation to the ACC Board of Directors for its ongoing leadership, patience and dedication throughout this process.
"The league has competed at the highest level for more than 70 years and this new structure demonstrates the ACC embracing innovation and further incentivizing our membership based on competition and viewership results. The settlements, coupled with the ACC's continued partnership with ESPN, allow us to focus on our collective future -- including Clemson and Florida State -- united in an 18-member conference demonstrating the best in intercollegiate athletics."
--Field Level Media

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Republicans call for an end to Trump-Musk feud: ‘I hope it doesn't distract us'
Republicans call for an end to Trump-Musk feud: ‘I hope it doesn't distract us'

The Independent

time17 minutes ago

  • The Independent

Republicans call for an end to Trump-Musk feud: ‘I hope it doesn't distract us'

As the Republican Party anticipates potential fallout from Donald Trump's public dispute with Elon Musk, prominent lawmakers and conservative voices are calling for reconciliation, wary of the repercussions of a sustained conflict. The animosity between the two figures could pose challenges for the Republican agenda, particularly concerning tax and border spending legislation championed by Trump but criticised by Musk. Representative Dan Newhouse, a Republican from Washington, expressed hope that the disagreement would not impede progress on critical tasks. Speaking on the matter, Newhouse said: "I hope it doesn't distract us from getting the job done that we need to. I think that it will boil over and they'll mend fences." As of Friday afternoon, Musk had refrained from further engagement, focusing instead on promoting his various companies on social media. Senator Ted Cruz, a Texas Republican, voiced optimism for a resolution, telling Fox News that, "I hope that both of them come back together because when the two of them are working together, we'll get a lot more done for America than when they're at cross purposes". Sen. Mike Lee, a Republican from Utah, sounded almost pained on social media as Trump and Musk volleyed insults at each other, sharing a photo composite of the two men and writing, "But … I really like both of them.' 'Who else really wants @elonmusk and @realDonaldTrump to reconcile?' Lee posted, later adding: 'Repost if you agree that the world is a better place with the Trump-Musk bromance fully intact.' So far, the feud between Trump and Musk is probably best described as a moving target, with plenty of opportunities for escalation or detente. One person familiar with the president's thinking said Musk wants to speak with Trump, but that the president doesn't want to do it – or at least do it on Friday. The person requested anonymity to disclose private matters. In a series of conversations with television anchors Friday morning, Trump showed no interest in burying the hatchet. Asked on ABC News about reports of a potential call between him and Musk, the president responded: 'You mean the man who has lost his mind?' Trump added in the ABC interview that he was 'not particularly' interested in talking to Musk at the moment. Still, others remained hopeful that it all would blow over. 'I grew up playing hockey and there wasn't a single day that we played hockey or basketball or football or baseball, whatever we were playing, where we didn't fight. And then we'd fight, then we'd become friends again,' Hannity said on his show Thursday night. Acknowledging that it 'got personal very quick,' Hannity nonetheless added that the rift was 'just a major policy difference.' House Speaker Mike Johnson projected confidence that the dispute would not affect prospects for the tax and border bill. 'Members are not shaken at all,' the Louisiana Republican said. 'We're going to pass this legislation on our deadline.' He added that he hopes Musk and Trump reconcile, saying 'I believe in redemption' and 'it's good for the party and the country if all that's worked out.' But he also had something of a warning for the billionaire entrepreneur. 'I'll tell you what, do not doubt and do not second-guess and don't ever challenge the president of the United States, Donald Trump,' Johnson said. "He is the leader of the party. He's the most consequential political figure of this generation and probably the modern era.'

Foreign exposure to US assets may be lower than feared
Foreign exposure to US assets may be lower than feared

Reuters

time27 minutes ago

  • Reuters

Foreign exposure to US assets may be lower than feared

ORLANDO, Florida, June 3 (Reuters) - It is widely believed that investors around the world have a disproportionately high exposure to U.S. assets, particularly stocks, an imbalance that could roil U.S. markets if corrected. But what if these fears are overblown? Several eye-popping statistics suggest that America's weight in world financial markets is even greater than its outsized economic might. Most strikingly, the U.S. net international investment position (NIIP), or foreign investors' holdings of U.S. assets less U.S. investors' holdings of overseas assets, at the end of 2024 was $26 trillion. That's nearly 24% of global GDP, up from 16% only two years earlier, a surge driven by foreigners' insatiable appetite for U.S. equities, mainly "Big Tech". Demand was so hot that, by some measures, the value of U.S.-listed stocks at the turn of the year represented 74% of total global market cap. That share was 60% six years ago, and less than half in 2011. But the attractiveness of dollar-denominated assets is now being questioned, as the often erratic policies of U.S. President Donald Trump have upset longstanding economic and geopolitical norms, making governments and investors question whether Washington is still a reliable partner on the global stage. The concern is that this eroding confidence triggers a reversal of the massive flows into Wall Street seen in recent years that has damaging spillover effects. Such a correction may not require outright selling. Given the scale of the flows involved, just less buying among foreign investors could be enough to cast a shadow over the world's most important stock market. And the running assumption is foreign investors don't have the capacity or willingness to increase their exposure to U.S. assets, creating a significant long-term downside risk for Wall Street, Treasuries and the dollar. "A structural shift is underway: the slow erosion of US economic dominance," analysts at Deutsche Bank wrote on Monday. But looked at another way, foreign exposure to U.S. assets may not be as high as initially meets the eye. That's the view of analysts at JP Morgan, who measure portfolio investment in U.S. bonds and equities as a share of countries' total household sector financial assets. They use a broad definition for a country's "household" sector, covering investments by institutions like insurance companies and pension funds that are ultimately made on behalf of households. Using a broad range of data, from central banks, U.S. Treasury and OECD household financial asset flows, they measure the ratio of U.S. equity and bond holdings relative to household financial assets in each country. They find that "relative to the total financial assets of households in the rest of the world, the allocations to U.S. assets typically stand at around 10-20%." As a result, they are "skeptical of the idea that foreign investors hold too much of U.S. assets." Given that U.S. equities account for more than 70% of the MSCI global market cap and dollar-denominated bonds represent around 50% of global bond indices, according to JP Morgan estimates, the 10-20% exposure of foreign investors to U.S. assets does appear surprisingly low. And the 10-20% figure would be even lower were it not for the outsized U.S. equity holdings at the Swiss National Bank and Norway's sovereign wealth fund. On the bond side, foreigners' footprint in the U.S. Treasury market is shrinking. Data shows that they owned 31% of the $28.55 trillion outstanding Treasury debt at the end of last year. That share has been declining steadily since the Global Financial Crisis. In 2008, the figure was approaching 60%. Overseas investors' share of the T-bill market has shrunk even more. In December, it was under 20%, near its lowest level on record and sharply down from 50% a decade before. Nikolaos Panigirtzoglou and his team at JP Morgan aren't arguing investors will or should ramp up their purchases of U.S. assets. And in cases where allocations are high - such as the Taiwanese exposure to U.S. bonds or Canadians' holdings of U.S. stocks - diversification would hardly be a surprise. But there is "little indication" of broad-based selling of U.S. assets by foreign investors so far this year, they note. And if that selling does materialize, it may be far lighter than many expect. (The opinions expressed here are those of the author, a columnist for Reuters)

Elon Musk hints at new ‘America Party' as Trump fumes billionaire has ‘lost his mind' after bitter bromance break-up
Elon Musk hints at new ‘America Party' as Trump fumes billionaire has ‘lost his mind' after bitter bromance break-up

The Sun

time34 minutes ago

  • The Sun

Elon Musk hints at new ‘America Party' as Trump fumes billionaire has ‘lost his mind' after bitter bromance break-up

ELON Musk has hinted at launching a new political force just days after a spectacular public falling-out with President Donald Trump. In a string of posts on X, the tech mogul asked his 220 million followers whether it was 'time to create a new political party in America that actually represents the 80% in the middle.' 6 6 6 By Friday, after 80 per cent of the 5,6million responders backed the idea, Musk declared: "This is fate." He later endorsed a supporter's suggestion to name it the America Party. It echoes the name of Musk's America PAC - the vehicle he used to pour $239million into backing Trump and GOP candidates in 2024. But the former allies are now locked in an escalating war of words, with Trump telling ABC News, 'You mean the man who has lost his mind?' when asked about a possible call with Musk. 'Not particularly,' he added when pressed on whether he planned to speak to the billionaire. The rift appears rooted in Trump's prized One Big Beautiful Bill Act, a sweeping domestic spending package Musk has called a 'disgusting abomination.' The president has hit back, reportedly threatening to strip Musk's companies of federal subsidies. Musk also called for Trump's impeachment earlier this week, adding fuel to the feud by promoting baseless claims linking the president to the Jeffrey Epstein case — claims which GOP lawmakers quickly rejected. Political fallout Musk may not be serious about launching a new party — he also responded 'Hmm' to a suggestion he reform the GOP from within — but his comments have added fresh uncertainty to an already divided political landscape. Launching a viable third party would require navigating complex state-by-state ballot access laws. Elon Musk's craziest moments, as Tesla CEO leaves White House after 130 days of drama: from chainsaw to double hats and billionaire has ALREADY turned on Trump 6 And unlike his super PAC, direct party donations are capped under federal election rules. Still, the fallout from the split is spreading. House Speaker Mike Johnson — a key Trump ally — waved off Musk's criticism and threw his support behind the bill that triggered the clash. 'The American people are concerned about things that really matter,' Johnson said Thursday. 'That is making their taxes low, making their economy work, making the border secure, making energy dominance a big thing again.' Vice President JD Vance dismissed talk of Trump being impulsive, calling such claims 'ridiculous,' while other allies rushed to defend the president from Musk's Epstein allegations. 6 6 Tesla out, Mars off-limits The bromance breakup has even reached the White House garage. Trump, who bought a red Tesla Model S in March in a show of support for Musk, now plans to sell or give it away, administration officials said. Republican lawmakers and influencers appear divided. Some, like Rep. Thomas Massie, acknowledged Musk's frustrations but urged caution. Others, including members of Trump's youth advisory board, declared their loyalty firmly with the president. Meanwhile, Musk's allies hinted at deeper tensions, with MAGA influencers joking that Trump's 'not invited to Mars anymore.' Hedge fund manager Bill Ackman called for reconciliation, but hopes of a peace deal faded quickly as Trump doubled down Friday morning. Musk, for his part, says he'll be around for '40+ years.' Whether that includes a third-party bid or a return to GOP primaries remains unclear. How did Musk and Trump's relationship crumble? ELON Musk and Donald Trump spent Thursday launching insults on social media as their relationship quickly went sour. The Tesla owner called for Trump's impeachment as the president hit back and warned the government could end all federal contracts with Musk's companies. Here's how it went down: On Tuesday, Musk tweeted that Trump's signature "big beautiful" spending bill was a "disgusting abomination" that would add billions to the federal deficit On Thursday in the Oval Office, Trump addressed Musk's criticism of the bill and accused Musk of trying to kill it because the bill ends federal subsidies for electric vehicles Musk responded by live-posting on X as Trump spoke, initially shrugging off the president's assessment with an unbothered "Whatever," before tearing into the bill's other spending provisions Trump escalated the feud after the Oval Office meeting with multiple posts on Truth Social, saying he told Musk to leave the White House instead of continuing to work with Doge and threatening to dump Musk's federal contracts, which are worth billions Musk fired back on X by saying he was "decommissioning" the Dragon spacecraft made by SpaceX that brought the stranded Nasa astronauts back from the International Space Station in March Musk also escalated the war of words by reposting and replying "Yes" to a tweet claiming that Trump should be impeached and replaced by Vice President JD Vance Musk further fanned the flames by claiming that Trump is named in the infamous "Epstein files" and making unfounded accusations that its the reason they haven't been released to the public.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store