Alford says he won't pay $1M buyout to New Mexico

[station19]

"ALBUQUERQUE, N.M.—A University of New Mexico official says former Lobos basketball coach Steve Alford is willing to pay a $200,000 buyout for leaving the Albuquerque school to take a job at UCLA but he won't pay the $1 million payment that New Mexico wants.
According to the Albuquerque Journal ( http://bit.ly/14L4Aaj), an email written by a university lawyer says Alford is offering to comply with terms of his previous contract with New Mexico.

Alford on March 18 signed a term sheet agreeing to a new 10-year contract with New Mexico that included a $1 million buyout. It was to take effect April 1, two days after Alford announced his resignation.

New Mexico contends it's owed the $1 million buyout because the previous contract required a 30-day notice of termination."

http://www.twincities.com/sports/ci_23138199/alford-says-he-wont-pay-1m-buyout-new

 

[JDGopher]

So, to me, it seems like he should only need pay the older amount since the new contact didn't take place yet. I guess I see their point in the notice, but that's a pretty small leg to stand on- would they have given him 30 days notice if they were the side terminating the contract?

Not a lawyer though, obviously, so I'll be somewhat interested to see this play out.

 

[jamalo]

Don't like him, but I see Alford's side of the argument here

 

[Bob_Loblaw]

Alford will likely have to pay $200,000 +. He is in violation of that contract by not giving 30 days notice (if that's correct). So there might be some damages he owes to them for breach of contract and he owes the contract amount. At least that's how I would guess it would work.

 

[Rouser]

Alford will likely have to pay $200,000 +. He is in violation of that contract by not giving 30 days notice (if that's correct). So there might be some damages he owes to them for breach of contract and he owes the contract amount. At least that's how I would guess it would work.

It doesn't sound like he signed that contract. A term sheet is different from the contract. Will be interesting. Either way, I don't like Alford.

 

[Winnipegopher]

Unless it is merely spite by the university, you have to assume they have a legal opinion that they will end up with more than 200 000.