IRVING, Texas — The Big 12 announced it has reached agreement with the University of Colorado regarding its withdrawal from the conference effective June 30, 2011, subject to final approval from the other 10 school’s governing boards.

CU’s Board of Regents unanimously approved the agreement in a special session in Denver late Tuesday afternoon.  Nebraska also reached an agreement with the Big 12 that was announced earlier in the day.

The Conference will withhold $6,863,000 from the revenues otherwise distributable to the University. Colorado will withdraw from the conference at the end of the current academic year.