NEW YORK (WFAN) – Syracuse University will officially join the Atlantic Coast Conference next July, the Big East and SU announced in a statement Monday.

The members of the Big East Conference will vote to terminate Syracuse’s membership as of July 1, 2013, at which point the Orange will move to the ACC. Syracuse will also make a cash payment of $7.5 million to the Big East.

READ MORE: Earth Day: Going Vertical In Newark, Innovative AeroFarms Grows More With Less

“This closes a chapter and opens a new one filled with exciting possibilities for the Big East’s future,” Big East interim commissioner Joe Bailey said in a statement. “With the recent addition of eight schools to the Big East, the future for the Conference has never been brighter.”

READ MORE: MTA At Odds With NYPD Over Response To Subway Crime As More People Return To Public Transit

“We look forward to the new academic and athletic partnerships and the extraordinary competitive opportunities that membership in the ACC offers,” Syracuse athletic director Dr. Daryl Gross said. “We are excited about both our final season in the Big East and our long-term future with the ACC.”

Syracuse announced its planned departure from the Big East and move to the ACC last September. 

MORE NEWS: Police: Man Seen On Video Stealing Wallets From Worshipers At Queens Mosques

How will the Orange fare against the other ACC teams? Sound off in the comments section below…