Pitino to New Mexico

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This now saves us what, 1.75 mil? Could be huge towards beefing up the offer to the new coach.
 



That is great for him (and the U)! Congratulations to Coach Pitino, I wish him great success with the Lobos! I hope he can pull off the unthinkable and get the Casa de Autos endorsement deal to transfer from NMSU to UNM!

I thought Coyle’s announcement last night meant NM was selecting someone else, but I am happy to be wrong.
 




gopheraschells said:
does that mean we get out of the buy-out?
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This is from an ESPN article last night (link: https://www.espn.com/mens-college-b...es-men-basketball-coach-rich-pitino-8-seasons):
According to an Albuquerque Journal report, Pitino was among the finalists for the coaching vacancy at New Mexico. If he is hired elsewhere, Minnesota would be off the hook for a $1.7 million buyout, according to the language in his contract that had three years remaining. Payments will stop when Pitino gains "comparable employment," which is defined in the deal as an NCAA Division I head coach, a head or assistant coach of a professional team, administrator or director of an NCAA Division I program or a commentator for a national broadcasting company.
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MinnGopher said:
This now saves us what, 1.75 mil? Could be huge towards beefing up the offer to the new coach.
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I think it depends on how much he gets paid at New Mexico. The deal is likely that he needs to be made whole unless there was some negotiated buyout.
 






I thought the deal was that Pitino just had to seek comparable employment in order to get the 1.75M buyout. So since he interviewed for NM, he is now eligible to get it.

But I don't know how actually landing the job affects that, if at all.

I would assume he still gets it.
 

Miles made way more sense to me.

It's who you know, as always.
 


All well coordinated. The announcement last night of “parting ways” made so New Mexico doesn’t have to pay a buyout, and announcing today means The U doesn’t. All good. While the U in a great place with athletics finances comparably, typically in top 20 for athletics revenue, this is 1.75 million more towards the new coach. Nice work, demonstrated patience by the AD.
 





Ozzy&Ray said:
All well coordinated. The announcement last night of “parting ways” made so New Mexico doesn’t have to pay a buyout, and announcing today means The U doesn’t. All good. While the U in a great place with athletics finances comparably, typically in top 20 for athletics revenue, this is 1.75 million more towards the new coach. Nice work, demonstrated patience by the AD.
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Do you have a source that confirms this. If so, fine. But if not ... I don't see why Pitino wouldn't still be owed the 1.75 from the U.

Bo Pelini was still paid (a considerable part of) his buyout when he went to Youngstown State the next season.
 


Holy Man said:
I think it depends on how much he gets paid at New Mexico. The deal is likely that he needs to be made whole unless there was some negotiated buyout.
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Reporting I saw indicated that the budget for New Mexico hire was in the $750K-$850K range per year.
 


MplsGopher said:
I thought the deal was that Pitino just had to seek comparable employment in order to get the 1.75M buyout. So since he interviewed for NM, he is now eligible to get it.

But I don't know how actually landing the job affects that, if at all.

I would assume he still gets it.
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That’s not the way these things typically work. You don’t normally get to double dip and take both a severance/buyout and the new salary. Typically the out the door package is adjusted by what any new job would pay. The seeking employment clause is a good one as it prevents them from sitting in the living room for a few years on our dime. But it is highly unlikely he gets both complete buyout and a new salary.
 


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