20 June 2011

Post 97: Bolstered Buyout

Haith's contract reveals big buyout
by MizzMatt via espn.go.com 6/20/11
Columbia, MO- Former Mizzou basketball coach Mike Anderson got away with minimal damage to his pocket book. His successor, Frank Haith, could have a slightly more pricey exit if he decides to break his contractual obligations and leave early. Mizzou athletic director Mike Alden released Haith's contract, nine days after it was signed by Haith and top Mizzou brass, which reveals a hefty buyout compared to Anderson's $550k cap. $1.2 million is the starting buyout for Haith's contract, which will gradually decrease to $500k after year four.

Haith's contract states that he will earn $1.5 million annually and an extra $100,000 in yearly deferred funds, starting in 2013. He can earn another $825,000 in incentives that range from $25,000 apiece for winning the Big 12 regular season and its conference tournament to another $150,000 for taking Missouri to its first Final Four.

While the buyout for his contract is stiff, his severance pay is relatively cheap, compared to Anderson's. Take his base salary of $350k, multiplied by the remaining years in his contract. That's how much he will be paid by MU, should he be fired. Comparatively, Anderson's was $500k, minimum.  MU and the University of Arkansas are still negotiating the terms of Anderson's $550k buyout.




http://sports.espn.go.com/ncb/news/story?id=6685556&ex_cid=nhffromfb

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