Per Matt Jones it’s 5-6 million. Sic em Matt.
maybe that’s why we’re not matching Auburn’s offer?
I was told by some people at the time we wrote the story about the buyout that the contract was poorly written. In subsequent sections there are references to a $15.4 million total and language about the number being used as part of a mathematical equation.
Multiple trustees agreed with the $5.9 million figure. We knew the agent would fight for the full amount he thought should be owed.
To muddy the water more, there was a separate buyout agreement through a personal services agreement with the Razorback Foundation that was not subject to an open records request. There was some chatter about that in the weeks after we wrote our story, but never confirmed until Julie Cromer Peoples fired him last Friday. The UA lawyers, spokesmen and people at the foundation ignored repeated requests from us about the story.
Citing sources, in the ADG’s 1A story the morning after Bielema was fired, we reported that the buyout likely would be between $11 million and $12 million.
This is how it read:
The Arkansas Democrat-Gazette reported the buyout as $5.9 million between today and Dec. 1, based on language in his original contract and an amendment added in early 2015 after the Razorbacks routed Texas 31-7 in the Texas Bowl.
However, Bielema also signed an agreement with the Razorback Foundation, Cromer Peoples said, which could change the amount owed to him.
Cromer Peoples and Steinmetz directed questions about the agreement to the Razorback Foundation. The foundation’s executive director, Scott Varady, did not respond to a voice mail. A source close to the program said Friday that the agreement stipulates a buyout between $11 million to $12 million.
When asked previously about any “documents or drafts of documents that supplement Bret Bielema’s contract,” UA provided Bielema’s offer letter, an offer letter for an amendment, a contract and a first amendment to the contract. It did not provide any copies of the personal services agreement, though the university kept a copy of one for Long.
Thank you. I missed that update.
If tholee number moved from $5.9 million to $11.8 million, more heads should roll. This is unacceptable, and wouldn’t be tolerated in private business. Where is our leadership?
Bielema is laughing all the way to the bank. Little wonder Long was fired. Deservedly so. And, while I’ve never felt that bad about how Bielema was fired by JCP, I feel even less so now. The guy was an awful coach the last year and a half, and yet gets paid this kind of money due to sheer stupidity and, in part, poor contract drafting. Inexcusable.
If the buyout is in fact $11.8 million, I’ve gone back to my original line of thought which was: That level of financial obligation alone is reason to fire the man who gave Bielema such a contract.
However folks on this board arrived at $5.9 million, it appears that such a calculation was only half right.
executed in the nest few days? i thought that what we owed him was payable over the length of the contract less any income he made. whats the deal?
I see why Long didn’t want to fire him - it would put on public display his incompetence.
So please that fraud was canned along with the big guy
But but but, certain posters want to go on and on about what a great business man Jeff Long was. What a bunch of BS, he never was or has been and this should put that to bed now.
It looks to that we need a better math dept. at the university.
I understand why everybody is mad at Long, but didn’t some lawyers for the university have to approve the contract?
Whatever the buyout, the UofA has more money than sense.
As stated above, this is an absolute indictment of Long’s lack of financial management skills. And to compound the ignorance it’s the result of an ill-advised extension. I don’t believe CBB’s “erotic” statement had anything to do with Texas.
Yes…lawyers that worked for Jeff Long.
Who the H at the Foundation authorized (or wrote) a personal service agreement with a buyout in excess of $6m. I’ve donated to the Foundation for years but this type of move makes me think twice before donating any more.
Unfortunately, that is market value for a head football coach in major college football nowadays. There are a lot of programs paying hefty buyouts this year. The same thing is happening at Florida, Tennessee, Nebraska, UCLA, etc.
There is hope that the next round of contracts will adjust the market, but I would be surprised if that happens. If anything, I think the buyouts are going to continue to increase because the salaries are increasing. Florida hired Mullen for $6 million per year and Texas A&M hired Fisher for $7.5 million per year. I would not be surprised to see Auburn and Georgia throw similar numbers at their coaches after the season ends.
I don’t think agreements made through the Razorback Foundation require approval of the university’s general counsel or trustees.