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110%er [9109]
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How are all these contract buyouts generally funded?
Nov 1, 2022, 11:14 AM
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Through booster groups like IPTAY? Through the Athletic Dept revenue? Or what?
I know we paid Tommy millions to leave, and now it's just become a thing. Auburn, USuC, UF, FSU, and so many others are paying ex-coaches millions to not coach. It's becoming crazy and I can't help but wonder how sustainable it is.
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110%er [5375]
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We did a story on the radio about this several years ago....
Nov 1, 2022, 11:25 AM
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... it's different for every school, but the one common component was it's in the budget. So lets say a coach is to be paid 10 million over 5 years, or a cash settlement of the balance if terminated. Most schools have that 10 million in reserve. So a school who offers $100 million will have $100 million reserve cash, which decreases with each passing year (coach is paid from that fund) and used for the buyout.
If you're asking where the money comes from to fund the Coaches reserve, it's a combination of donor supports and gifts, grants, donations, etc. If you notice at home games, we always honor several families or businesses on the field between timeouts, who have donated large sums to either our "General Scholarship Fund" or to the Athletic Department. Up until 5 years ago, IPTAY was the largest fundraising arm of any US university in the country. That title is now owned by Texas A&M's Alumni organization.
Hope this helps...
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110%er [8593]
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The money flows through the school but it often actually
Nov 1, 2022, 11:27 AM
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Comes from a few wealthy boosters. At Auburn for example the owner of Yellawood is a huge booster who has reportedly been trying to get rid of Harsin from the very start. It's rumored that he's willing to help fund the buyout.
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110%er [5375]
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and what HE said.... ^ :)***
Nov 1, 2022, 11:28 AM
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Legend [15530]
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Re: How are all these contract buyouts generally funded?
Nov 1, 2022, 11:29 AM
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It would have suited me and IMO perfectly legit to have paid TB nothing, since he resigned. Better yet, it was probably a very bad judgement call to extend his contract and keep him around those few games before he parted ways. Anyway, I’m certainly glad we got Dabo.
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110%er [8593]
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"Resigned" is just a word for a press release
Nov 1, 2022, 11:33 AM
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His exit and buyout was negotiated.
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All-In [36410]
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I Thought By Selling Hookers and Blow at the Stadium***
Nov 1, 2022, 11:57 AM
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CU Guru [1685]
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Re: How are all these contract buyouts generally funded?
Nov 1, 2022, 4:26 PM
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Ask South Carolina, I think they are still paying Jim Carlen, and several others
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110%er [6825]
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Re: How are all these contract buyouts generally funded?
Nov 1, 2022, 4:34 PM
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Savings from not having a championship parade or buying trophy polish
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