Texas and Oklahoma have taken the next step to leaving the Big 12 Conference.

According to the Midland Reporter-Telegram, the University of Texas and the University of Oklahoma notified the Big 12 Conference that they would not be renewing their agreement with the conference after 2025.

Both universities sent out a joint statement that did not directly mention the Southeastern Conference but did say that "the universities intend to honor their existing grant of rights agreements."

The "grant of rights" agreement gives the conference the right to control the school's media rights including the television contracts the conference has with Fox and ESPN.

As of today (July 27, 2021) according to ESPN, Texas and Oklahoma have formally notified the SEC that they are seeking "an invitation for membership" when their contract with the Big 12 expires and they can begin a new contract beginning July 1, 2025.

SEC Commissioner Greg Sankey said the conference presidents and chancellors would consider the request of the schools, he also stated that a vote of "yes" by 3/4 of the 14 member schools must be obtained for the invitation to be extended by the SEC.

"While the SEC has not proactively sought new members, we will pursue significant change when there is a clear consensus among our members that such actions will further enrich the experiences of our student-athletes and lead to greater academic and athletic achievement across our campuses," Sankey said in a statement.

The SEC president and chancellors will meet on Thursday for consideration of the universities for membership.

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