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Post by mountaineerinpa on May 6, 2008 18:47:24 GMT -5
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Post by WVUMntneerJim on May 6, 2008 18:52:16 GMT -5
That's why lawyers make the $$ they make... they read all that boring mumbo-jumbo... so we don't have to. |
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Post by rainman on May 7, 2008 5:26:49 GMT -5
Huggins new contract revealed
By Mickey Furfari
For the Times West Virginian
MORGANTOWN Wed, May 07 2008
— Complete financial terms of Robert E. (Bob) Huggins’ new contract as head coach of the West Virginia University men’s basketball team were made public Tuesday.
The Morgantown native could earn, with incentives, even more than $1.5 million annually over the 10-plus years which assure him of employment to when he turns 65 years of age.
In all, Huggins can earn $20.5 million in guaranteed compensation for the length of the contract.
Signatures of both Huggins and Athletic Director Ed Pastilong are on the contract which was announced last Friday afternoon during a hastily called press conference at the WVU Coliseum.
Pastilong said at that time only a few details remained to be worked out.
Huggins, 54, will receive an annual base salary of $250,000 from the State of West Virginia. The remainder of his earnings will come from privately donated money guaranteed via the WVU Foundation, Inc.
Other benefits include two courtesy automobiles from the Wheels Club, income from at least one coaches clinic and camp each year, and supplemental compensation of $1,250,000 which will increase by a minimum of $100,000 on each anniversary of the contract.
However, after the start of the 2009-10 basketball season, and for each season thereafter under this pact, Huggins’ supplemental compensation will be adjusted to equal the mean of the total guaranteed compensation of all Big East head coaches.
It’s assumed this means he would be among the conference’s highest-paid mentors.
Incentives which he can earn includes:
• NCAA tournament appearances (cumulative) — $10,000, first round; $15,000, second round; $20,000, third round; $20,000, fourth round; $50,000, Final Four; $50,000 national championship.
• National Invitation Tournament – Appearance, $5,000 and championship, $10,000.
• Big East Conference, regular-season first place or tie, $20,000; second place or tie, $15,000; third place or tie, $10,000; fourth place or tie, $5,000; tournament championship, $20,000; tournament runner-up, $15,000.
• Season ticket sales exceeding 5,000, $5,000; exceeding 6,000, $10,000.
Huggins also would be paid $15,000 for being named Big East Coach of the Year and $25,000 for National Coach of the Year.
He even will get incentives for academic achievements by his players.
The contract stipulates that Huggins must participate in several promotional activities, including events sponsored by the Mountaineer Athletic Club; radio, television and Internet programs produced by the Mountaineer Sports Network or its affiliated organizations.
Huggins also must take part in promotional and other activities as may be reasonably requested by the university.
Certain penalties are listed for any intentional violations by the men’s basketball program of WVU, Big East or NCAA regulations and for incidents of personal conduct by the head coach. It was announced on Friday that a $4 million buyout also is in the contract.
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Post by dehayes35 on May 7, 2008 8:47:56 GMT -5
Yeah I could NEVER be a lawyer. The amount of research it takes is brutal!
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Post by smurph on May 7, 2008 11:52:55 GMT -5
Don't know if anyone noticed, but the psychopaths that run Fox news headlined an article about Huggins' contract by saying there is a termination clause if he has an illegal drug or alcohol-related arrest. Really pathetic that they would stoop so low as to intimate that clause would not be in every contract that every school signs with every coach. Scumbag newsreporting at its best.
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Post by dehayes35 on May 7, 2008 13:04:52 GMT -5
No question. I didn't hear about that, Smurph. Most reporters SUCK!!
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Post by WVUMntneerJim on May 7, 2008 16:12:30 GMT -5
Doesn't it say that in ALL coaches contracts!? Normally, I would be on Fox News' side... NOT THIS TIME! Insult my school, and you've insulted me!
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