01-29-2008, 01:41 PM
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Watson, Crick & A Twist
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Join Date: Oct 2004
Posts: 14,680
Points: 3,719,507.21
Bank: 0.29
Total Points: 3,719,507.50
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Quote:
Originally Posted by NFBuck
Ticker on E!spn says DickRod is offering to pay 1.5 mil to buy out the remainder of his WVU contract. Yeah, nothing like trying to negotiate against an already signed contract.  |
ESPN News
Quote:
Former West Virginia football coach Rich Rodriguez has offered to pay the school $1.5 million to buy out the final six years of his contract, according to a letter of credit filed Tuesday in U.S. District Court in Clarksburg, W.Va.
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In the latest court filing, Rodriguez's attorneys wrote: "The amount of the Letter of Credit is equal to the maximum liquidated damages provision [penalty] at the date of termination provided in the first amendment to the original Employment Agreement. In any event, the amount of the letter of credit exceeds the first payment that Plaintiff claims is due."
Former Mountaineers basketball coach John Beilein, who was hired as Michigan's coach last April, paid West Virginia $1.5 million to buy out the final five years of his contract. The amount was $1 million less than the penalty called for in Beilein's contract, which ran through the 2012 season.
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__________________
42-7
(that's all you need to say)
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