Though acknowledging mistakes were made, Morrisey said his office found no evidence of intentional wrongdoing by university officials.
"We didn't think that there was any intent to steer something inappropriately," Morrisey said. "What we saw here was that there was a lot of errors and there was sloppiness, but we didn't see any intent to pre-cook a result."
Following Morrisey's advice, WVU canceled its initial bid process and began the rebid process in May. The new process was led by WVU Chief Procurement Officer Brenda Mowen and included a new bid evaluation committee and an external legal adviser from the Attorney General's Office.
A spokeswoman for Morrisey's office declined to comment about the new deal following the announcement Thursday.
Though Raese had said West Virginia Radio would not participate in the new bidding process, the company filed a lawsuit in Monongalia Circuit Court last month
The 206-page lawsuit asked the court to bar IMG or West Virginia Media from participating in the new rebidding process and sought punitive damages from Payne, Clements, Luck and others "for their outrageous and scandalous behavior."
The lawsuit is still pending in court.
When asked about the deal announced Thursday, Raese attorney Bob Gwynne said, "This is an issue we will address in litigation."
While legal matters will play out in court for some time, IMG is moving forward with setting up radio, television and marketing contracts for the 2013-2014 school year.
"West Virginia athletics under the direction of Oliver Luck has done a great job building its corporate partner program, and we're thrilled to add our resources to expand on these efforts," IMG president Ben Sutton said in a statement.
The company is currently working to build a WVU-dedicated staff, which will be based in Morgantown.
As expected, IMG announced Thursday it will partner with West Virginia Media Holdings to develop an inventory of WVU television programs, including coaches shows and other ancillary TV programming that has yet to be determined.
Radio game broadcasts once managed by the Mountaineer Sports Network in partnership with West Virginia Radio will be moved to IMG Audio, the company's independent sports radio network, for the upcoming season.
IMG Audio currently has 2,200 radio affiliates nationwide, and company spokesman Andrew Giangola said IMG officials will now work in earnest to secure more affiliate stations in West Virginia.
"Now that the contract has been signed, we are now off to the races," Giangola said.
"We'll now have discussions about game broadcast specifics and the WVU network, including speaking with potential partner stations," he said.
Contact writer Jared Hunt at busin...@dailymail.com or 304-348-4836.
Other Top HeadlinesState slowly curbing its childhood obesity epidemic