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.