| West Virginia, Beilein agree on contract buyout |
 |
| Written by Admin |
| Thursday, 26 April 2007 13:50 |
|
CHARLESTON, W.Va. (AP) -Former West Virginia basketball coach John Beilein will pay the university $1.5 million - $1 million less than called for in his contract - for taking the job at Michigan with five years remaining on his deal. Beilein's contract, which ran through the 2011-12 season, called for a $2.5 million buyout for the early departure. ``After very productive discussions with Bob Fitzsimmons, Coach Beilein's attorney, we are pleased to have finalized the details related to Coach Beilein's departure from the university,'' Tom Dorer, West Virginia's general counsel, said Thursday. ``Obviously from the fact we reached agreement, both parties wanted to move on and amicably resolve any remaining issues.'' Under the agreement, Beilein will pay installments of $300,000 over the next five years to the West Virginia University Foundation. The first installment is due in April 2008 and the final one in April 2012, the school said. Beilein was introduced as Michigan's coach on April 4, six days after leading West Virginia to the National Invitation Tournament championship, replacing Tommy Amaker, who was fired after six seasons. West Virginia hired alumnus Bob Huggins from Kansas State shortly after Beilein left. Beilein resigned with five years left on his contract, which calls for him to pay a $500,000 penalty for each remaining year. The contract didn't specify a time frame for paying the buyout. Both Beilein and Michigan athletic director Bill Martin have said the buyout issue was Beilein's responsibility, not Michigan's. In 2005, after taking the Mountaineers to the NCAA regional finals, Beilein received a contract extension to throw off a possible courtship from Virginia. A year ago he was courted heavily by North Carolina State but negotiations broke down over the buyout clause. e history of Mountaineer basketball.'' Fitzsimmons has an unlisted home telephone number. A call to his office went unanswered Thursday night. |
|
|
|
Live Odds, Scores, Injuries And More - 14 Day Free Trial! |
|