27. March 2009 · Comments Off on Billy’s Buy-out · Categories: Archive 2009

The whole Rich Rodriguez contract buy-out fiasco is firmly in the rearview mirror but I thought this was interesting.  Most of these contracts have buy-outs that work both ways: one if the coach terminates the contract early, another if it’s the decision of the school.

For whatever reason Kentucky hoops coach Billy Gillispie never worked out the details and failed to sign a formal contract.  He was terminated today and he’d be wise to do the same with his agent and lawyers.  From Rivals/Yahoo:

Gillispie signed a memorandum of understanding in [athletic directory Mitch] Barnhart’s house following a whirlwind courtship that lasted less than a day. Yet he never signed a formal contract as his lawyer and the university fought over the wording.

In the end, that decision may end up costing him millions. Barnhart said the university did not plan to pay Gillispie a $6 million buyout that was to be part of his seven-year deal that remains unsigned.

“Suffice it to say it will be less than that,” Barnhart said.

Brutal.  Tom Izzo has been mentioned as a candidate which is nothing that a few more “Thank You, Tom” billboards can’t fix. 

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