Saturday, March 28, 2009

I think Billy G. is going to get his money.

There seems to be confusion over the reported $6 million buyout clause for ousted U.K. basketball coach Billy Gillispie. At the news conference Friday, Athletics Director Mitch Barnhart said a settlement with Gillispie will be less than $6 million. U.K. President Lee Todd Jr. said that as far as the University is concerned, Billy's deal was on a year to year basis. I bet all of that is a serious piece of news to Gillispie and his legal representation. I also think Barnhart and Todd are full of something you'll find in a barn at Keeneland. The now ultra-famous "Memorandum of Understanding" contradicts the U.K. administration in plain black and white text. A link to the full document will follow this post, but here's the crux of the matter:
"The employment contract will be for a period of 7 years with an option for a 2 year extension after a 24 month review at the University's discretion. " I'm not a legal-eagle or a university president, but that doesn't say year-to-year in my book.
Also, "A termination without cause by the University provision that will require payment of $1,500,000 per year for the remainder of the term of the contract, provided the payment for termination without cause shall not exceed 48 months."
So Billy had 5 years left on the deal, but the termination payment caps at 4 years. (48 months)
I do know some math, and I do know 4 multiplied by $1,500,000 equals $6 million. Also consider that when Barnhart had to defend the "Memorandum" in the past and explain why there was no signed formal contract, he claimed the "Memorandum" has the parameters that would define a contract.
Even the opening paragraph of the memorandum states that it presents "the material terms of our offer..."
Of course there will be legal wrangling and posturing and maybe Billy settles for something less, but that piece of paper Barnhart signed with Gillispie at Barnhart's home less than 2 years ago could end up costing Kentucky a nice sized ranch.

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