It's official, the Catholic 7 schools of Villanova, Georgetown, Marquette, Providence, Seton Hall, DePaul, and St. John's who are departing the current BIG EAST Conference will be taking the name and conference tournament location with them.

The following statement was released on behalf of the Catholic 7.

The seven basketball schools, which include many of the original founding schools of the Big East, have unanimously established the goal of continuing the storied legacy and time-honored traditions of athletic competition so closely associated with the Big East, including being the home of the very best college basketball in the nation. Details about the expected broadcast media deal, season-ending tournament and additional members of the new conference will be announced in the near future.

In related news... Notre Dame will leave the [current] BIG EAST following the completion of the 2012-13 academic year and join the ACC starting this summer for all sports except Football and Ice Hockey.