In arriving at this decision, we studied a wide range of factors, including the competitive balance of our home schedule, the student-athlete experience and the game-day environment for our fans, as well as short- and long-term financial implications. We reached out to a number of our alumni, students, donors and ticket holders, and we received valuable feedback from them. In addition, many other fans expressed their views, and we listened to — and are grateful for — what they told us. We also consulted frequently with campus leadership. Only then, after considering each of these factors, did we arrive at the conclusion that it is not in Cal's best interest to move forward with the offer. I would like to thank the Stanford and San Francisco 49er leadership teams for their time and diligence working through this process.