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It appears the University of Maryland’s Board of Regents has voted to apply for membership to the Big Ten conference and leave the Atlantic Coast Conference.

According to ESPN.com’s Brett McMurphy and the Washington Post, the vote was overwhelmingly in favor of making the move.

An official announcement is expected at 3 p.m. ET at the school’s campus in College Park.

The Big Ten must officially approve expansion with a vote from the presidents/chancellors of the current member schools, and that decision was reportedly unanimous.

The first issue at hand will be Maryland’s exit fee to leave the ACC.

The increase approved by the conference in September (which Maryland, along with Florida State, voted against) raised the fee from $20 million to approximately $50 million. According to the league, that increase went into place immediately and applied to all 14 all-sport members and Notre Dame.

As far as timetable goes, the Terps will begin Big Ten play in the 2014-15 school year. According to university President Wallace Loh, the decision was made not to spurn Maryland’s long history with the ACC but to solidify the future of their athletic department.

“I did it to guarantee the long-term future of Maryland athletics,” Loh told The Diamondback, Maryland’s student newspaper. “No future president will have to worry about cutting teams or that Maryland athletics will be at risk.”

Maryland was forced to cut funding for seven sports teams this season as a result of a massive budget deficit. The Big Ten, with the Big Ten Network renegotiation in 2017, promised a more fruitful and stable financial situation for the school.