Maryland will join the Big Ten Conference as its 13th member in 2014, the university announced this afternoon.

The Big Ten Council of Presidents voted unanimously to approve Maryland’s admission hours after the school’s Board of Regents voted to accept the invitation to the conference, also by unanimous decision.

“Today is a watershed moment for the University of Maryland,” Maryland President Wallace Loh said in a news release. “Membership in the Big Ten Conference is in the strategic interest of the University of Maryland.”

Maryland has been forced to cut seven sports from its athletic program due to financial strain, and the university will now face a $50 million exit fee as it leaves the Atlantic Coast Conference.

On Tuesday, Rutgers is expected to announce that it will follow Maryland to the Big Ten. By leaving the Big East, Rutgers will have to pay a $10 million exit fee.

The moves will give the Big Ten added presence in the mid-Atlantic and help the conference keep pace with others, such as the ACC, that are adding schools in continued realignment across the country.

— Dan Ryan