Pitino's Buyout Drops to Zero

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nitramnaed

nitramnaed

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Richard Pitino's Gophers buyout, once $7.1 million, drops to zero​

The University saved the final $1.75 million termination fee when Pitino accepted his job as New Mexico's coach.

www.startribune.com

Richard Pitino's Gophers buyout, once $7.1 million, drops to zero

The University saved the final $1.75 million termination fee when Pitino accepted his job as New Mexico's coach.
www.startribune.com www.startribune.com
 

The university fired Pitino on March 15, one day before he accepted a position as New Mexico's coach. Pitino's contract with the Gophers called for a $1.75 million buyout if fired before April 30, but it included a provision that stated those payments would cease once Pitino found comparable employment, including a Division I coaching job.

The separation agreement says the U doesn't have to pay any buyout for parting ways with Pitino, but he also doesn't owe the university the $500,000 termination fee in his contract for departing to another school before April 30.

The university will pay Pitino one bonus payment of $125,000 with the Gophers expected to achieve academic milestones accomplished under his leadership last season.

Pitino's buyout money reached as high as $7.1 million after he finished 8-23 in 2015-16.

One week after firing Pitino, the Gophers hired Ben Johnson to be the new coach with a five-year contract worth $1.95 million annually. Johnson's contract still has to be approved by the U's Board of Regents.

Pitino, who was making $2.46 million annually through 2023-24 at Minnesota, signed a six-year contract with New Mexico for nearly $5 million total. He'll make $775,000 in salary and compensation in his first year in 2021-22.
 











This was done right by the AD, but I guess I don't really care when they then go out and hire a guy and make him the lowest paid head coach in the conference. Especially when they had chances to hire guys like Craig Smith for very similar money.
 

Go Gophs said:
This was done right by the AD, but I guess I don't really care when they then go out and hire a guy and make him the lowest paid head coach in the conference. Especially when they had chances to hire guys like Craig Smith for very similar money.
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When you include buyouts and incentives I disagree that it was similar money.
 







UpAndUnder43 said:
How?
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but he also doesn't owe the university the $500,000 termination fee in his contract for departing to another school before April 30.

Don't get me wrong, still saved 1.25. That's a win.
 

MplsGopher said:
but he also doesn't owe the university the $500,000 termination fee in his contract for departing to another school before April 30.

Don't get me wrong, still saved 1.25. That's a win.
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I never said he owed them money or would pay them to leave, that would have made no sense. And its not a $500,000, its $1.75 mil saved on the buyout. Like I said it would be.

The academic performance was getting paid either way.
 


Congrats to the U for saving a buck....
 

bizzle22 said:
Have to give Coyle credit for this. The athletic department saved a good chunk of money because of the way he handled letting Richard go.
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Then they way overpaid a rookie coach with it. Johnson may be great someday but they could have gotten him for far less. So no, I give Coyle zero credit for this. The Johnson hire could be genius or foolish, that one we have no idea on. What he was paid? Stupid.
 

MplsGopher said:
- $500k that we were supposed to get paid back per his contract, that we're voluntarily forfeiting

= 1.25 net


Just take the win
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We're not "voluntarily forfeiting" anything. That payback is only meant if Pitino left for another job prior to the end of the contract. We fired Pitino. He then got another job. We didn't forfeit anything here (unless you're opining we shouldn't have fired Pitino - but if that's the case, there's no reason he would've taken the NM job).
 


MplsGopher said:
You have to give Pitino credit, frankly.

He very easily could've just waited, just to make us pay him out, and then gotten a job after that.
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Yes, Pitino deserves some credit as well.

The way the buyout works he would have had to stay unemployed for a while (probably a couple years at least, but it depends on the finer language in the contract) in order to collect the full $1.75M. It’s not just “here’s a check for $1.75M. See ya later.” He would collect that in installments over a period of time, and the payments would cease as soon as he found comparable employment.

Coyle could have fired him walking to the locker room after his last game on March 11, and if he was hired at New Mexico on March 16 (as he was) we wouldn’t have had to pay a buyout of any kind. But because Coyle let him know earlier that he probably wasn’t going to continue as our head coach he was able to get a head start on looking for other jobs. Plus, it shows him respect, and may put him in the mindset that we are trying to help him find another job so there is no need to sit at home and collect our money.
 


bizzle22 said:
Yes, Pitino deserves some credit as well.

The way the buyout works he would have had to stay unemployed for a while (probably a couple years at least, but it depends on the finer language in the contract) in order to collect the full $1.75M. It’s not just “here’s a check for $1.75M. See ya later.” He would collect that in installments over a period of time, and the payments would cease as soon as he found comparable employment.

Coyle could have fired him walking to the locker room after his last game on March 11, and if he was hired at New Mexico on March 16 (as he was) we wouldn’t have had to pay a buyout of any kind. But because Coyle let him know earlier that he probably wasn’t going to continue as our head coach he was able to get a head start on looking for other jobs. Plus, it shows him respect, and may put him in the mindset that we are trying to help him find another job so there is no need to sit at home and collect our money.
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Good thing we saved all that money so we could afford Coach Johnson
 

I think Coyle and Pitino orchestrated his firing. It may sound coincidental that he accepted the New Mexico job the following day.

The result is that the U saved a ton of money.
 

bga1 said:
Then they way overpaid a rookie coach with it. Johnson may be great someday but they could have gotten him for far less. So no, I give Coyle zero credit for this. The Johnson hire could be genius or foolish, that one we have no idea on. What he was paid? Stupid.
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No disagreement on being disappointed with the hire. Just saying the first part was handled very well, and I’ll give credit where it’s due.
 

hungan1 said:
I think Coyle and Pitino orchestrated his firing. It may sound coincidental that he accepted the New Mexico job the following day.

The result is that the U saved a ton of money.
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I don't think there is any doubt that Coyle and Pitino worked together on the timing.
 



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