Friday, May 17, 2013
Buyout to net New Mexico $625K
ALBUQUERQUE, N.M. -- The University of New Mexico says it has reached an agreement in principal with former basketball coach Steve Alford over his buyout.
Alford said in April he was willing to pay a $200,000 buyout for leaving the Albuquerque school to take the job at UCLA, but he wouldn't pay the $1 million payment that New Mexico wanted.
The dispute stemmed from the timing of his announcement and a term sheet he had signed just weeks before agreeing to a new 10-year contract with New Mexico that included a $1 million buyout.
Under the agreement announced Friday, the net benefit of the buyout will be $625,000. That includes a $300,000 payment and certain bonuses Alford had agreed to forego.
The school says there are still some final details that have to be resolved, but it sees the agreement as favorable.