from this timelihe they provided...

Summary of the Timeline of Events they provided

- In the spring of 2017, the Pac-12 Networks engaged an "industry leading" auditor to conduct an audit of certain distribution partner payments. (Why was a specific distributor audit initiated? This isn't the normal course of business. There was a reason they kicked this off with a top auditor, what was it?)

- The audit concluded that one of the Pac-12 distribution partners had overpaid the Pac-12 Networks for the year 2016 by a material amount. (Why had this not been caught in the regular annual financial audit of the PAC12's own books, or the financial audit of the distrubtion partner's books?)

- The two Pac-12 executives were made aware of the audit results in late December 2017. (Just those two? It's an organization turning hundreds of millions of dollars per year and these are the only two guys aware of this? Where were the extra payments accounted for? You have to proactively hide a material overpayment like this from an accounting standpoint...seems like the actions of these executives go beyond just not telling the board.)

- After receiving the audit results, the two executives failed to inform the Pac-12 Board of Directors or the Pac-12’s external auditors of the financial risk associated with the audit findings. If the board and the auditors knew a specific distributor audit was initiated, did they not ask for the results of the findings - the audit report? If they didn't know about it, did no one question the expenses paid to a separate auditor outside the normal financial audit? Audit oversight is a board responsibility, not management. Seems a little fishy that these two execs could keep this under wraps without anyone knowing.

- Since 2017, the two executives have not shared the ongoing financial risk associated with the apparent overpayment with either the Pac-12 Board of Directors or the Pac-12’s external auditors. So if the distributor overpaid in 2016, didn't they also overpay in 2017 and every year thereafter? Still no one but these two execs knew this?

- In October 2022, the distribution partner who was the subject of the 2017 audit claimed that it had been overpaying the Pac-12 each year since prior to 2016. The distribution partner claims that the overpayments total more than $50M. (What prompted the distributor to take a look at whether what they were paying was correct? Why all these years later?

- As soon as the distribution partner notified the Pac-12, the Pac-12 began looking into the claims, and determined that the Pac-12 should bring in independent legal counsel to review the facts of the situation.

- The Pac-12 Board of Directors Audit Committee promptly hired the law firm of Cooley LLP to conduct an independent investigation.

- In November 2022, the Commissioner briefed the Pac-12 Board of Directors on the distribution partner’s claim and the ongoing investigation being conducted by Cooley.
Cooley concluded its investigation and on January 13, 2023 Cooley briefed the Commissioner on its findings.

- The Cooley investigation concluded that:
> Two current senior Pac-12 executives were aware of an overpayment from a distribution partner since late 2017;
> These executives failed in their obligations and duties to immediately disclose this information related to an immediate and material financial risk to the Pac-12 to the Pac-12 Board of Directors and the Pac-12’s external auditors; (Again, how did these two entities not know about or follow up on the distributor audit?) and
> These executives failed in their ongoing obligation and duty to disclose this information to the Pac-12 Board of Directors and the Pac-12’s external auditors.

- Based upon the findings of the investigation, the Commissioner made the decision to terminate the employment of the two Pac-12 senior executives.

- On January 19, 2023 the Board of Directors Executive Committee and the Chairman of the Pac-12 Audit Committee were briefed on the findings of the investigation and the decision to terminate the employment of the two Pac-12 senior executives.

- The terminations took place and are effective on January 20, 2023.