Spring Break
Fox to receive perks in basketball coaching deal (w/documents)
FLETCHER PAGE
Issue date: 4/7/09 Section: Sports
| |
|
If Fox resigns while under contract, he must pay the University Athletics Association a $2 million buyout, according to a memorandum of understanding signed by both Fox and Evans.
The Red & Black obtained the document through an open-records request on Monday. Fox will receive a base salary of $250,000, plus benefits and retirement provided to University employees.
Fox will receive $500,000 annually for fulfilling television and radio obligations, as well as various other personal appearances.
Another $300,000 will be paid to Fox annually attributed to the University's shoe and clothing endorsements.
Also included in the apparel portion, Fox will be eligible to receive up to $3,500 "worth of clothes and shoes directly from the current manufacturer," which is Nike.
Fox will receive $150,000 for his operation of sports camps. In total, Fox is set to receive $1.2 million annually.
A formal six-year agreement is expected to be signed at a later date, but if an agreement is not reached within 60 days, the memo will become the official contract between the Association and Fox.
There are also added perks, such as a longevity bonus. Fox will receive $600,000 when the contract expires June 30, 2015.
Fox also can add $400,000 through team performance and other listed criteria, such as players' academic performance.
Fox also will be provided with two vehicles. If Fox is fired without cause, the Association will be liable for 75 percent of the total annual compensation for each year remaining in the contract, excluding the liability bonus.
Be the first to comment on this story