Truth & Rumors > NCAA

How much for Rodriguez buyout?

Views
297
Comments
0

Rich Rodriguez admitted yesterday through his attorneys that he must pay a buyout to his former employers. The unsettled question: How much of one? Rodriguez's attorneys, acknowledging their client owes some sort of damages to Mountaineers officials, put up a $1.5 million letter of credit in U.S. District Court in Clarksburg, W.Va. It is a document with a 90-day expiration date that essentially says if a West Virginia University representative came to the Bank of Ann Arbor in Ann Arbor, Mich., by April 27 with a certified copy of the letter of credit and a court order obligating the former Mountaineers coach to pay any such buyout, this person walks out the door with the money. University lawyers reiterated that they want more -- namely the $4 million buyout for the remaining six years as stipulated in the contract extension he signed last August. Rodriguez's legal team plans to dispute that agreement. They maintain that a previous buyout agreement, signed in 2006, is in effect, calling for $1.5 million. The university is going by the latest contract extension, signed in August 2007, and says it is due a payment of $1.33 million toward the $4 million buyout.

Pittsburgh Post-Gazette

Rich Rodriguez , Marc Serota/Getty Images Rich Rodriguez , Marc Serota/Getty Images
January 30, 2008  08:47 AM ET

Just pay the g****mned money and stop the foolishness!!! Clearly, WVA isn't going to let this go.

January 30, 2008  09:10 AM ET

Rick needs to call one of those debt consolidation rackets and get a nice settelment.

January 30, 2008  09:22 AM ET

Yah, like he's got $4 mill laying around, GWW.

The holdup is that the payout is part of his UM contract, and I'm betting all the I's and T's aren't dotted and crossed; until that happens, UM isn't paying out. (This, BTW, seems to be standard procedure for coaching popping around from school to school).

WVU is putting the heat on (knowing this) just to make life difficult for RR. Of course, it just makes them look like idiots.

(BTW - wouldn't you LOVE to see a UM-WVU bowl game next January?!?)

January 30, 2008  09:26 AM ET

Spaceman:

You have maxed out your "BTW" alottment for the day

January 30, 2008  09:41 AM ET

RR is coming across as a slimeball. I'm glad my school isn't on the receiving end of this circus.

First he doesn't pay so WVU sues him. Then he says he doesn't owe because the school told him in private they don't like the buyout clause. Now he says ok I owe but only the 1.5 mil on the older contract, not the 4 mil on the new contract. Great...

January 30, 2008  09:53 AM ET

PS:

If I wanted **** from you I'd unscrew your head and dip it out!

January 30, 2008  10:08 AM ET

This guy is trouble. I hope Michigan fans can see what problems potentially lie ahead for this once storied program. It is a shame that Lloyd Carr didn't do enough to prepare one of his assistants to take over for him, being that he knew he was leaving at least 2 years ago.

January 30, 2008  10:38 AM ET

If Michigan were smart they would have brought in a famed defensive coordinator instead of RR. Their D vs. spread has been the broken bone.

Now they're throwing everything out the window for a guy whos troubled with controversy and hasn't been better over-all with WVU than Carr has been with Michigan.

January 30, 2008  11:00 AM ET

I cannot think of a better way for UM's defense to prepare against the spread than seeing it in practve every damn day

January 30, 2008  11:00 AM ET

Besides, I have made my decision...Coach Rod stays

January 30, 2008  11:52 AM ET

I think it's a big gamble because Michigan is changing everything (some of those things were really good) and if it doesn't work out in 3 seasons, then it's a real mess.

January 30, 2008  12:05 PM ET

If it doesn't work out in 3 season, expect to see RR go bye bye.

January 30, 2008  01:20 PM ET

If he doesn't land Pryor...it could be sooner than that.

January 30, 2008  01:59 PM ET

First he doesn't pay so WVU sues him.
PS Forever | 01/30/08, 09:41 AM

Actually, they sued him before the first payment was due. It will be up to the court to decide now if the verbal contract will hold up. If there was a witness in the room, he may not have to pay the full amount.

January 30, 2008  02:40 PM ET

Yah, like he's got $4 mill laying around, GWW.

Spaceman Spiff

You're telling me that Rich and the Wolverines weren't aware of this before he bolted for MICH? That he did in on a whim? That MICH can't ge t a hold of the money? That aren't boosters ready in the wings to help out? C'mon, Spiff. Rich would have to be a moron to leave a job where he'd have to give back money potentially without some bailout in the picture.

January 30, 2008  02:43 PM ET

PS:

If I wanted **** from you I'd unscrew your head and dip it out!

THE TRUTH

We are amused.

January 30, 2008  06:29 PM ET

How can you claim that a contract you signed in August 2007 stipulating a $ 4 million buyout was not effective since you signed another one in 2006 ? Signing a new contract in 2007 would automatically void the 2006 contract. I think Rick owes the money and is just trying to wiggle out with all of this Lawyer Talk.

A deal is a deal and we need to have contracts that mean something so all of these coaches will quit jumping ship every time they become unhappy or someone offers more money.

January 30, 2008  06:35 PM ET

George W. Watson:

You make good sense about Rich knowing what he was up against. But, maybe Rich thought he could get around the buyout like he is trying to do now. I think a deal or some compromise will finally be cut like all negotiations end.

January 30, 2008  10:51 PM ET

If you read the entire story, WVU is really slick....they have paid him all the money they owe him...and now they can hammer him for the $4million he legally owes them.
Nice move for a bunch of so called bumpkins.
WVU will not let this die, nor should they.

 
January 31, 2008  10:03 AM ET

We (West Virginians) are over RR!! The mud slinging is mainly coming from his lawyers now. Doing everything they can to discredit the state and University. There will soon be an announcement either the day b4 or day of LOI from his camp stating how racist Morgantown is.
As far as bashing West Virginians, i've posted the educational and unemployment rankings all over the site. W.VA ranks higher in education and MI is dead last in unemployment rate. So, please do not refer to us as lazy and stupid. It only makes YOU look worse!
Peace

Comment

Remember to keep your posts clean. Profanity will get filtered, and offensive comments will be removed.


The Si.com Cover Hub Go to the Cover Hub

Stub Hub

The 2009 schedule has been released. Search for tickets!

Truth & Rumors

MOST POPULAR

  1. 1
    Agent: 'Extraordinary' interest in Bay
    Views
    4118
    Comments
    1887
  2. 2
    Vikings to consider L.A. move?
    Views
    58344
    Comments
    1870
  3. 3
    Mayo rebukes Bruschi's Belichick knock
    Views
    41021
    Comments
    248
  4. 4
    Can Iverson lure LeBron to Knicks?
    Views
    9195
    Comments
    175
  5. 5
    50 Cent's posse tussles with Marv Albert
    Views
    63396
    Comments
    127

Message Boards

  1. NFL > General NFL

    Welcome to…
    Views
    469
    Replies
    270
  2. NCAAF > General NCAAF

    RIP, Stefanie Spielman
    Views
    304
    Replies
    14
  3. NBA > General NBA

    Iverson to the Cavaliers.
    Views
    261
    Replies
    1

Blogs

SI.com

Swimsuit

SI Photos